Why Is Portage Biotech Stock Skyrocketing Friday?

Core Insights - Portage Biotech Inc. presented new preclinical data for PORT-7, a selective Adenosine A2B receptor inhibitor, demonstrating over 90% inhibition of tumor growth when combined with an anti-PD1 antibody in a murine mesothelioma model [1][3] - The data marks the first report of antitumor activity against mesothelioma using a selective A2B receptor inhibitor, with plans for a first-in-human clinical trial for PORT-7 [3] - Portage is also advancing PORT-6, a selective A2A adenosine receptor inhibitor, with plans to co-administer it with PORT-7 in the ongoing ADPORT-601 trial to achieve complete blockade of adenosine-induced immunosuppression [4][5] Company Developments - Portage Biotech is preparing to commence a first-in-human clinical trial for PORT-7, following promising preclinical results [3] - The company is negotiating a definitive option agreement with Immunova LLC for the acquisition of its subsidiary, iOx Therapeutics, which focuses on developing liposomal iNKT agonists [5] - Portage Biotech's stock price increased by 102.93%, reaching $9.60 at the time of publication [6]