More than two years after acquiring Tarus Therapeutics, Portage Biotech is relaunching Tarus’ adenosine receptor antagonists in a standalone company helmed by a familiar leader.
The offshoot, to be called Cyncado Therapeutics, will be tasked with taking forward a portfolio of adenosine receptor antagonists Portage acquired as part of its acquisition of Tarus back in 2022. Cyncado will be helmed by Tarus’ co-founder Peter Molloy.
Portage has run into financial difficulties in recent months, with the cash-strapped company announcing in April 2024 that it was halting enrollment in a clinical trial testing the adenosine 2A inhibitor PORT-6 and the adenosine 2B inhibitor PORT-7 after reviewing the financing market and the amount of spending necessary to advance its pipeline. Portage made the move despite describing the adenosine receptor antagonists as its “flagship platform” on the biotech’s website.
Cyncado’s initial focus will be on the dual administration of adenosine 2A and adenosine 2B antagonists for cancer, which Portage describes as a “strategy that leverages complementary mechanisms to overcome immune suppression in the tumor microenvironment.”
The approach "aims to unlock synergistic effects and achieve a more comprehensive blockade of immune evasion, enhancing the immune system’s ability to combat cancer and improve patient outcomes,” Portage and Cyncado explained in this morning’s release.
Portage CEO Alex Pickett described the jettison of Cyncado this morning as showing that Portage “remains committed to unlocking the full potential of its assets and returning value to its shareholders.”
“We believe that re-launch as an independently managed company is the best way forward for Portage’s adenosine program,” the CEO added. “Peter Molloy’s broad experience in the biotech industry, deep expertise in adenosine receptor biology, and personal commitment to the assets will help him accelerate clinical progress at Cyncado and maximize the value of its innovative pipeline to Portage shareholders.”
Portage’s search for financial rescue led the company in December to sell its liposomal iNKT agonists-focused subsidiary iOx Therapeutics to Immunova. That sale included PORT-2, Portage’s most advanced candidate that was being tested in phase 2 trials in combination with Merck & Co.’s Keytruda for melanoma and non-small cell lung cancer until the biotech halted this work in late 2023.
With the iNKT and adenosine receptor agonists now pushed out, Portage doesn’t appear to have any clinical-stage assets under its direct control.