Portage Biotech (NASDAQ:PRTG) has announced the relaunch of its wholly-owned adenosine subsidiary, Cyncado Therapeutics, as an independently managed company headed by Peter Molloy as CEO.
The company reports that Cyncado will focus on developing best-in-class adenosine receptor antagonists. Mr. Molloy will oversee efforts to secure external financing directly into Cyncado and advance the clinical development of its portfolio of A2a and A2b receptor antagonists.
In a statement, Mr. Molloy commented, “The adenosine pathway offers immense potential in immuno-oncology, and our A2a and A2b receptor antagonists are among the most promising therapeutics in development today. My confidence in these assets has only strengthened through the work we are conducting in the clinic. I am honored to lead Cyncado Therapeutics at this exciting juncture and am committed to advancing these programs toward proof of concept, with the goal of delivering meaningful benefits to patients.”
Alex Pickett, CEO of Portage, added, “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. 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.”
