None
Workday Announces Fiscal 2025 Third Quarter Financial ResultsExploration and evaluation of strategic alternatives continue WESTPORT, Conn., Nov. 26, 2024 (GLOBE NEWSWIRE) -- Portage Biotech Inc. ("Portage” or the "Company”) (NASDAQ: PRTG), a clinical-stage immuno-oncology company with a portfolio of novel multi-targeted therapies for use as monotherapy and in combination, today reported its financial results for the fiscal quarter ended September 30, 2024. "We are continuing to explore multiple strategic alternatives to further unlock shareholder value. These may include finding a partner for one or more of our assets, a sale of our company, a merger, restructurings (both in and out of court), a company wind down, further financing efforts, or other strategic actions,” said Dr. Ian Walters, Chief Executive Officer and Chairman of Portage. "The ADPORT-601 trial is paused for further patient accrual pending additional financial resources, and we are analyzing the data. We also continue our collaborations with numerous experts to further understand the biology and utility of our product candidates,” continued Dr. Walters. Financial Results for the Quarter Ended September 30, 2024 The Company incurred a net loss of approximately $1.4 million during the three months ended September 30, 2024 (the "Fiscal 2025 Quarter”), compared to a net loss of approximately $5.2 million during the three months ended September 30, 2023 (the "Fiscal 2024 Quarter”), representing a $3.8 million decrease quarter-over-quarter. Operating expenses, including research and development ("R&D”) costs and general and administrative ("G&A”) expenses, were $1.6 million in the Fiscal 2025 Quarter, down from $5.9 million in the Fiscal 2024 Quarter, a decrease of $4.3 million, as detailed below. R&D costs decreased by approximately $3.5 million, or approximately 83%, from approximately $4.2 million in the Fiscal 2024 Quarter to approximately $0.7 million in the Fiscal 2025 Quarter. The decrease was primarily attributable to the winding down of clinical trial costs (principally CRO-related), which decreased by approximately $1.6 million, from $2.0 million in the Fiscal 2024 Quarter to $0.4 million in the Fiscal 2025 Quarter, as activities ramped down throughout the period since we made the decision to pause enrollment in our sponsored clinical trials in the third and fourth quarters of Fiscal 2024. Manufacturing-related costs decreased by $0.9 million, from $1.0 million in the Fiscal 2024 Quarter to $0.029 million in the Fiscal 2025 Quarter. These decreases reflect the winding down of clinical activity and manufacturing-related costs resulting from our decision to discontinue our sponsored clinical trial for the iNKT program and pause further patient accrual to our sponsored adenosine program. R&D non-cash share-based compensation expense decreased from $0.4 million in the Fiscal 2024 Quarter to nil in the Fiscal 2025 Quarter. Payroll-related expenses decreased by $0.1 million, from $0.37 million in the Fiscal 2024 Quarter to $0.24 million in the Fiscal 2025 Quarter, due to the resignation of two employees in January 2024. Additionally, consulting fees decreased by approximately $0.2 million from $0.25 million in the Fiscal 2024 Quarter to $0.03 million in the Fiscal 2025 Quarter, to reflect the decrease in activity period-over-period. Finally, licensing fees decreased by approximately $0.1 million due to licensing fees paid to the licensor of certain intellectual property utilized in the iNKT clinical trial in Fiscal 2024 Quarter compared to nil in Fiscal 2025 Quarter as the iNKT clinical trial was discontinued in the latter half of Fiscal 2024. G&A expenses decreased by approximately $0.8 million, or approximately 48%, from approximately $1.7 million in the Fiscal 2024 Quarter to approximately $0.9 million in the Fiscal 2025 Quarter. Professional fees decreased by $0.4 million, from $0.8 million in the Fiscal 2024 Quarter to $0.4 million in the Fiscal 2025 Quarter. Payroll-related expenses decreased by $0.1 million from $0.2 million in the Fiscal 2024 Quarter to $0.1 million in the Fiscal 2025 Quarter. The decrease in professional fees and payroll-related expenses is due to the accrual of the monthly fees and payments for the entire second quarter in the first quarter for a consultant and employee in connection with certain Retention Agreements entered into on July 22, 2024. Additionally, G&A non-cash share-based compensation expense decreased by $0.2 million due to the continued vesting of stock options, partially offset by recording all share-based compensation expense as G&A expenses as the result of the discontinuation of the iNKT trial and the pause of further patient accrual in the adenosine program. Finally, directors' fees decreased by $0.1 million in the Fiscal 2025 Quarter, compared to the Fiscal 2024 Quarter, as all directors, except for two directors who resigned in April 2024, waived their fees in the Fiscal 2025 Quarter. The primary reasons for the quarter-over-quarter differences in the Company's pre-tax items of income and expense were the $0.9 million net gain from the settlement and release of obligations and liabilities under the Master Services Agreement between iOx and Parexel partially offset to some extent by the $0.7 million non-cash loss from the change in the fair value of certain warrants accounted for as liabilities, issued in connection with a private placement offering in October 2023, both in the Fiscal 2025 Quarter, and a non-cash loss from the increase in the fair value of the deferred purchase price payable to the former Tarus shareholders and the deferred obligation for the iOx milestone, totaling $0.1 million, in the Fiscal 2024 Quarter. As of September 30, 2024, the Company had cash and cash equivalents of approximately $1.8 million and total current liabilities of approximately $0.9 million. About Portage Biotech Inc. Portage is a clinical-stage immuno-oncology company with a portfolio of multi-targeted therapies to extend survival and significantly improve the lives of patients with cancer. The Company has made the decision to discontinue its sponsored trial for its the invariant natural killer T-cell (iNKT) program and pause further patient accrual to its sponsored adenosine trial program (ADPORT-601 trial) for its potentially best-in-class adenosine antagonists PORT-6 (adenosine 2A inhibitor) and PORT-7 (adenosine 2B inhibitor). The Company is exploring strategic alternatives, which may include finding a partner for one or more of its assets, a sale of the company, a merger, restructurings, both in and out of court, a company wind down, further financing efforts or other strategic actions. For more information, please visit www.portagebiotech.com or find us on LinkedIn at Portage Biotech Inc. Forward-Looking Statements All statements in this news release, other than statements of historical facts, including without limitation, statements regarding about the Company's information that are forward-looking in nature and, business strategy, plans and objectives of management for future operations and those statements preceded by, followed by or that otherwise include the words "believe," "expects," "anticipates," "intends," "estimates," "will,” "may,” "plan,” "potential,” "continue,” or similar expressions or variations on such expressions are forward-looking statements. For example, statements regarding the Company's plans to continue exploring strategic alternatives, which may include finding a partner for one or more of its assets, a sale of the company, a merger, restructurings (both in and out of court), a company wind down, further financing efforts, or other strategic actions, the Company's expectation to replace one patient in the ADPORT-601 trial, and the Company's plans to continue its collaborations with numerous experts to further understand the biology and utility of its product candidates are forward-looking statements. As a result, forward-looking statements are subject to certain risks and uncertainties, including, but are not limited to: the Company's plans and ability to develop and commercialize product candidates and the timing of these development programs; the Company's clinical development of its product candidates, including the results of current and future clinical trials; the benefits and risks of the Company's product candidates as compared to others; the Company's maintenance and establishment of intellectual property rights in its product candidates; the Company's ability to obtain financing in the future to cover its operational costs and progress its plans for clinical development, its estimates regarding its capital requirements, and its ability to continue as a going concern; the Company's estimates of future revenues and profitability; the Company's estimates of the size of the potential markets for its product candidates; its selection and licensing of product candidates; and other factors set forth in "Item 3 - Key Information-Risk Factors” in the Company's Annual Report on Form 20-F for the year ended March 31, 2024 2024 and "Business Environment - Risk Factors” in the Company's Management's Discussion and Analysis for the Three and Six Months ended September 30, 2024 filed as Exhibit 99.2 to the Company's Form 6-K. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, undue reliance should not be placed on them as actual results may differ materially from these forward-looking statements. The forward- looking statements contained in this news release are made as of the date hereof, and the Company undertakes no obligation to update publicly or revise any forward-looking statements or information, except as required by law. FOR MORE INFORMATION, PLEASE CONTACT: Investor Relations: [email protected] Media Relations: [email protected] ---tables to follow--- PORTAGE BIOTECH INC. Condensed Consolidated Interim Statements of Operations and Other Comprehensive Income (Loss) (U.S. Dollars in thousands, except per share amounts) (Unaudited) September 30, September 30, Tarus and deferred obligation - iOx milestone ) ) PORTAGE BIOTECH INC. Condensed Consolidated Interim Statements of Financial Position (U.S. Dollars in thousands) (Unaudited) 2024 2024
Steelers notes: Keeanu Benton takes the spotlight on ‘Hard Knocks,” RB Jonathan Ward waivedIn a recent segment on the '7 PM in Brooklyn' podcast, NBA legend Carmelo Anthony looked back on the trade that sent J.R. Smith and Iman Shumpert to play with LeBron James. Carmelo still resents the Knicks for that deal and recently described his reaction after hearing the news all those years ago: "F--k them! I told LeBron, I said 'That's what we doing?' When it happened, the only thing going through my mind was LeBron. I know this is a chess game... I gotta get these guys away from him," said Anthony . "Sh-t is f---ed up because I could have used Shump and J.R. to go win a championship. That's why I flipped out like that in the locker room because you do not touch this nucleus right here! I don't give a f--k what you do. I said 'Y'all can't say sh-t to me. Do y'all know what the f--k you just did? You're gonna send them to him?" The Knicks /Cavaliers trade happened back in January of 2015. It was a three-team deal that involved sending Dion Waiters to the Thunder , Shumpert, and Smith to the Cavaliers, while the Knicks received Lou Amundson, Alex Kirk, Lance Thomas, and a 2019 second-round pick. The Knicks were not a championship team by any stretch, but many saw the deal as a step-down for the team, including Carmelo Anthony , who described how he went off in the locker room after finding out about the trade. The worst part about it for Melo is that they were sent to play with LeBron James, his biggest rival at the time. At the height of his career, Anthony was competing with LeBron James for supremacy in the East. With career averages of 22.5 points, 6.2 rebounds, and 2.7 assists per game on 44.7% shooting, Anthony was an expert three-level scorer who often went toe-to-toe with some of the game's top superstars. LeBron James, however, was arguably his biggest competitor. The two were known to be close friends, and it's a relationship that stands even now , but they were also rivals back in the day who played the same position in the same era of the game. When Carmelo forced his way to the Knicks in 2011, it put him in the same Conference as LeBron and he knew that it was going to take a massive effort to defeat him. Sadly, Carmelo never got further than the second round in his Knicks tenure. He eventually left the team in disgrace after a falling out with Phil Jackson and his career took a rapid decline from here. Meanwhile, LeBron James is still going strong to this day as a 4x MVP, 4x champion, and the NBA's all-time leading scorer. He defeated a lot of people on his way to victory and Carmelo was just one of many of them. Of course, the Knicks helped Lebron win all those years ago by gaining him the support he needed to beat the competition. If only they had done the same for Carmelo, his career might have taken a radically different turn. This article first appeared on Fadeaway World and was syndicated with permission.
A dangerous driver who killed an off-duty paramedic has fled interstate days before he was due to be sentenced over the death. or signup to continue reading Mingen He, who is on bail, was expected to be sentenced in Melbourne on Thursday after pleading guilty to one count of dangerous driving causing death over a May 2022 crash. He killed Pauline Smith, a paramedic and former police officer who was on her way home from night shift, after he veered into the wrong lane on the Western Highway at Great Western, in regional Victoria. Mingen faced a pre-sentence hearing on November 1, when his sentence date was set down for Thursday morning. Ms Smith's devastated family and friends, who attended the County Court for the sentence, were instead told He was on the run. "It's just devastating," Judge Kellie Blair told the court. "I'm sorry that you've travelled and sorry that you've been put out." He's wife reported him missing on Monday and he has not been seen or heard from since Saturday, the court was told. Prosecutor Emma Failla said police were investigating and it was believed He left Victoria and fled interstate. "His whereabouts are unknown at present," she said. She said He had surrendered his passport and was supposed to report to police three times a week, but had not done so this week. Lawyer Amit Malik has not had contact with his client since his last plea hearing, and did not oppose a warrant being issued for his arrest. "My instructors made efforts via phone call, WeChat, various other mechanisms to try and get hold of Mr He," he said. "There's simply just been no contact since the last occasion we were before Your Honour." Judge Blair issued a warrant for He's arrest and a $10,000 surety for bail will be forfeited due to his disappearance. DAILY Today's top stories curated by our news team. WEEKDAYS Grab a quick bite of today's latest news from around the region and the nation. WEEKLY The latest news, results & expert analysis. WEEKDAYS Catch up on the news of the day and unwind with great reading for your evening. WEEKLY Get the editor's insights: what's happening & why it matters. WEEKLY Love footy? We've got all the action covered. WEEKLY Every Saturday and Tuesday, explore destinations deals, tips & travel writing to transport you around the globe. WEEKLY Going out or staying in? Find out what's on. WEEKDAYS Sharp. Close to the ground. Digging deep. Your weekday morning newsletter on national affairs, politics and more. TWICE WEEKLY Your essential national news digest: all the big issues on Wednesday and great reading every Saturday. WEEKLY Get news, reviews and expert insights every Thursday from CarExpert, ACM's exclusive motoring partner. TWICE WEEKLY Get real, Australia! Let the ACM network's editors and journalists bring you news and views from all over. AS IT HAPPENS Be the first to know when news breaks. DAILY Your digital replica of Today's Paper. Ready to read from 5am! DAILY Test your skills with interactive crosswords, sudoku & trivia. Fresh daily! Advertisement AdvertisementPHILADELPHIA, PA — Governor Josh Shapiro this week signed Executive Order 2024-04 , establishing the Pennsylvania Permit Fast Track Program, a first-of-its-kind initiative designed to expedite the permitting process for major economic development and infrastructure projects. By streamlining project approvals, increasing government transparency, and fostering interagency collaboration, the program aims to make Pennsylvania more competitive as a destination for businesses seeking to invest and grow. The PA Permit Fast Track Program, overseen by the Office of Transformation & Opportunity (OTO), focuses on fast-tracking permits for high-impact projects without compromising the rigorous standards normally applied in the review process. It builds upon the Shapiro Administration’s ongoing efforts to modernize permitting, licensing, and certification systems across the Commonwealth. With this new structure in place, Pennsylvania aims to demonstrate that government can operate effectively at the speed of business while driving economic development and job creation. The Fast Track Program is aimed at coordinating activities for complex projects that are central to Governor Shapiro’s Economic Development Strategy. Eligible projects include large-scale efforts in infrastructure and economic innovation that require assistance navigating the permitting process across multiple state agencies. This involves scheduling interagency meetings, managing timelines, addressing project milestones, and promoting accountability through a publicly accessible online dashboard. The program draws inspiration from the Federal Permitting Improvement Steering Council’s FAST-41 Program and features a similar transparent dashboard, which allows stakeholders to track the progress of permits, view timelines, and monitor feedback from agencies and project sponsors alike. By fostering open communication and accountability, the program aims to reduce costly delays and instill confidence in project sponsors. “When I became Governor, I promised to make state government work efficiently and effectively for Pennsylvanians, breaking down barriers and creating real opportunity for the good people of our Commonwealth,” said Governor Shapiro. “By streamlining permitting processes and focusing on results, we’re not just creating jobs and driving economic growth — we’re getting stuff done for the people of Pennsylvania and putting points on the board. The PA Permit Fast Track Program is a game-changer that enhances coordination and communication between the project sponsor and state agencies to cut through red tape, streamline critical projects, and give businesses the confidence to invest and create jobs here in Pennsylvania.” The PA Permit Fast Track Program was piloted earlier this year with three ambitious projects. One of the projects, the Bellwether District in Philadelphia, served as the backdrop for the signing of Executive Order 2024-04. This 1,300-acre logistics and innovation campus is currently undergoing significant redevelopment, including environmental remediation at the site of the former Philadelphia Energy Solutions refinery. Upon completion, the Bellwether District is anticipated to create 19,000 direct permanent jobs and establish itself as a centerpiece of economic revitalization in the Philadelphia area. Roberto Perez, CEO of the HRP Group, developer for the Bellwether District, highlighted the significance of the partnership between business and government. “Transforming a site of this scale and creating thousands of new jobs requires business, government, labor, and institutions to work together — along with a little imagination and a lot of grit. I firmly believe that together, we will show that in the Commonwealth of Pennsylvania, we can innovate and accomplish big things,” Perez remarked. Two other pilot projects showcase the program’s versatility. Project Hazelnut in Luzerne County is set to develop a 1,300-acre technology campus, which will feature state-of-the-art server rooms, power distribution infrastructure, and connectivity solutions. Additionally, Blair County’s Martinsburg Community Digester project will involve the installation of an anaerobic digester to convert manure from local dairy farms into biogas, aligning agricultural innovation with environmental sustainability. State officials and private-sector leaders alike emphasized the importance of the program in fostering Pennsylvania’s competitive edge. Ben Kirshner, Chief Transformation Officer for OTO, underscored this objective, stating, “Governor Shapiro knows that to win the competition to attract and retain companies and jobs, we need a government that moves at the speed of business. That’s why he made responsive government a core goal of his economic development strategy. The PA Permit Fast Track program is in line with the Governor’s vision and gives us a new tool to deliver coordination, accountability, and transparency for permitting big, complex projects here in the Commonwealth, increasing Pennsylvania’s competitiveness.” Brian Stahl, Vice President of Development at NorthPoint Development, praised the collaborative framework that Fast Track enables. “This Executive Order strengthens the critical partnership between economic development projects and permitting agencies, fostering a streamlined, transparent, and effective process. This collaboration accelerates investments, creates meaningful jobs, generates vital tax revenue, and further strengthens the economy for all Pennsylvanians,” Stahl said. Chamber of Commerce for Greater Philadelphia President and CEO Chellie Cameron echoed this sentiment, noting that the program offers businesses the predictability they need to make sound decisions. “When business leaders can rely on accurate forecasting, they can confidently pursue opportunities that create jobs and drive greater economic growth for Pennsylvania and the Greater Philadelphia region,” Cameron explained. The program not only benefits businesses and project sponsors but also supports workers and local economies by expediting projects that promise high-quality job creation. Ryan Boyer, Business Manager of the Philadelphia Building and Construction Trades Council, lauded the Governor’s efforts to ensure Pennsylvania remains a top choice for large-scale investments. “Governor Shapiro knows that to create jobs and put the men and women of the Philadelphia building trades to work, we must make Pennsylvania a place where businesses want to invest. Meaningful permitting reform is long overdue, and Governor Shapiro is making it a reality—building on his track record of moving government at the speed of business and supporting an economy that provides good, family-sustaining jobs here in the Philadelphia region and beyond.” With the establishment of the PA Permit Fast Track Program, Pennsylvania becomes the first state to implement a project-based permitting initiative of this scale. The program’s focus on efficiency, transparency, and collaboration demonstrates the Shapiro Administration’s commitment to removing bureaucratic obstacles and fostering an economic environment where businesses, workers, and communities can flourish. By delivering results through innovation and proactive governance, the initiative lays the groundwork for a stronger, more dynamic Commonwealth prepared to compete on a national and global scale. For the latest news on everything happening in Chester County and the surrounding area, be sure to follow MyChesCo on Google News and MSN .
Up, up, up! Reeves sends inflation, tax, mortgages, debt and spending through the roofAs US president-elect Donald Trump continues to nominate personalities to his cabinet, we take a look behind the scenes at how the US Secret Service is using the most up-to-date technology to protect the president-elect and ease the burden on agents. This report from France 24's Jack Colmer Gale and our colleagues at France 2.IVE On Using New Technology For VCR | 2024 MAMA AwardsStock market today: Wall Street hits records despite tariff talk