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DOVER, Del. - Portage Biotech Inc. (NASDAQ:PRTG), a micro-cap biotech company with a market capitalization of $8.85 million, has regained compliance with all applicable requirements for continued listing on The Nasdaq Capital Market, the company announced Wednesday.
The clinical-stage immuno-oncology company received formal notice from The Nasdaq Stock Market LLC on Tuesday confirming its compliance status, securing its position on the exchange.
Portage Biotech, which is incorporated in the British Virgin Islands, focuses on developing novel biologics designed to enhance the immune system’s ability to combat cancer.
The company had previously faced listing compliance issues with Nasdaq, though the specific nature of those issues was not detailed in the announcement.
Maintaining Nasdaq listing status is crucial for publicly traded companies as it provides access to capital markets and offers shareholders liquidity for their investments.
The information in this article is based on a press release statement from Portage Biotech Inc. and enhanced with financial metrics from InvestingPro.
In other recent news, Portage Biotech Inc. has made significant strides in its strategic and research initiatives. The company acquired a stake in Compedica Holdings Limited for $5 million, aiming to support the development of Compedica’s OptiPulse therapy system for Diabetic Foot Ulcers. This acquisition is expected to aid Compedica’s commercial launch in North America by 2026. Additionally, Portage Biotech has reported promising preclinical data for its mesothelioma treatment, PORT-7. The data, presented at major conferences, revealed that PORT-7 significantly inhibited tumor growth in combination with an anti-PD1 antibody.
This breakthrough suggests potential advancements in treatment options for mesothelioma, a cancer with limited therapies. Portage is also advancing PORT-6, targeting the A2A adenosine receptor, with plans to combine it with PORT-7 in clinical trials to combat tumor-induced immunosuppression. The company’s innovative approach in immuno-oncology continues to draw attention from investors and the medical community. Analysts and investors are closely monitoring these developments as Portage prepares for first-in-human trials.
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