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Protagenic Therapeutics, Inc. (NASDAQ:PTIX) announced it has filed a Verified Complaint in the Court of Chancery of the State of Delaware. The filing, made Tuesday, seeks rescission of the Share Exchange Agreement dated May 15, 2025, under which Protagenic Therapeutics acquired Phytanix Bio, Inc. This legal action comes as PTIX shares have fallen 15.7% in the past week alone, with the stock currently trading at $2.57, nearly 82% below its 52-week high of $14.28.
According to a statement in the company’s press release, Protagenic Therapeutics is also seeking, in the alternative, damages and an order compelling delivery of audited financial statements as required by the agreement.
A publicly filed version of the Verified Complaint has been included as an exhibit to the company’s current report on Form 8-K. The company indicated that the summary provided is qualified in its entirety by reference to the full text of the Verified Complaint.
This information is based on a statement provided in a press release and disclosed in a recent SEC filing.
In other recent news, Protagenic Therapeutics has completed the first dose injection for all subjects in the multiple-dose portion of its Phase I clinical trial of PT00114. The company anticipates completing dosing by the end of August, with topline safety data expected by the end of September. This development supports the potential advancement into Phase 2 efficacy studies planned for the first quarter of 2026. Additionally, Protagenic Therapeutics has announced a significant restructuring plan, transitioning to a virtual operating model and reducing its workforce. The restructuring aims to focus resources on the company’s lead clinical program and reduce operating costs. Protagenic Therapeutics has also temporarily suspended spending on its preclinical programs and is exploring strategic alternatives, such as partnerships or out-licensing, for these assets. The company intends to advance these programs with external funding to preserve capital for its primary clinical assets. These developments highlight Protagenic’s strategic efforts to streamline operations and focus on advancing its clinical trials.
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