Portage Biotech Receives Notification of Compliance Extension from Nasdaq
Dover, Del., Feb. 12, 2025 – Portage Biotech, Inc. (Portage or the Company), a clinical-stage immuno-oncology company, recently announced that it has received notification from The Nasdaq Stock Market, LLC (Nasdaq) that the exchange has accepted the Company’s compliance plan and granted an extension to regain compliance with the continued listing standards on The Nasdaq Capital Market (Capital Market).
Background
Portage Biotech is a biotech company focused on developing innovative therapeutics for various cancers. In order to maintain its listing on the Capital Market, the Company was required to meet the minimum shareholders’ equity of at least $2.5 million or meet one of the alternative continued listing standards. However, the Company did not meet these requirements.
Compliance Plan and Extension
Following the receipt of a deficiency letter from Nasdaq on January 17, 2025, Portage promptly submitted a plan to regain compliance with the Capital Market’s continued listing standards. The plan included a proposed financing transaction, which was subsequently completed on February 1, 2025. With this transaction, Portage met the minimum shareholders’ equity requirement.
As a result, Nasdaq accepted the plan and granted the Company an extension to regain compliance with the Capital Market’s continued listing standards. The extension allows Portage until May 14, 2025, to meet one of the alternative continued listing standards.
Impact on Portage Biotech
This extension provides Portage with valuable time to focus on its clinical development programs and business operations without the added pressure of regaining compliance with the Capital Market’s continued listing standards in the immediate term. The Company can now dedicate its resources to advancing its pipeline of immuno-oncology therapeutics and potentially delivering life-changing treatments to patients.
Impact on the World
The biotech industry, and specifically the immuno-oncology sector, is rapidly advancing, with numerous potential treatments and cures for various diseases. Portage Biotech’s extension grants it the opportunity to continue contributing to this advancement. By focusing on its research and development efforts, the Company could potentially bring new, innovative therapies to the market and improve the lives of patients worldwide.
Conclusion
Portage Biotech’s receipt of a compliance extension from Nasdaq is a positive development for both the Company and the biotech industry. This extension allows Portage to continue its clinical development programs without the added pressure of regaining compliance in the immediate term. With a focus on its research and development efforts, the Company could potentially bring new, innovative therapies to the market and contribute to the advancement of the immuno-oncology sector. The extension is a testament to the Company’s dedication to improving patient lives and pushing the boundaries of scientific discovery.
- Portage Biotech receives notification of compliance extension from Nasdaq
- Extension grants valuable time to focus on clinical development programs
- Company can continue advancing immuno-oncology therapeutics
- Potential for bringing new, innovative therapies to market
- Positive development for Portage Biotech and the biotech industry
