Over two years after taking over Tarus Therapeutics, Portage Biotech is reintroducing Tarus’ adenosine receptor antagonists through a new company headed by a previous executive.
The spinout, known as Cyncado Therapeutics, will be responsible for progressing a pipeline of adenosine receptor antagonists that Portage bought as part of the Taurus deal in 2022. Tarus’ founder Peter Molloy will be at the helm of the new business Cyncado.
In April 2024, Portage said that it decided to pause enrollment in a clinical trial of the adenosine 2A inhibitor PORT-6 and the adenosine 2B inhibitor PORT-7 due to the company’s current cash position and considering the financing market and the amount of capital required to drive its pipeline. Portage did so even as it refers to adenosine receptor antagonists as its “flagship platform” on the biotech firm’s website.
In particular, Cyncado will initially target the concurrent use of adenosine 2A and adenosine 2B antagonists for cancer which Portage describes as a ‘multi mechanism approach that counters immune evasion in cancer cells by taking advantage of immune suppression inside the tumor.’
It “targets synergistic effects and the goal to provide a broader and more effective targeting of immune evasion mechanisms for further strengthening of the immune system and significantly better treatment results for cancer patients,” Portage and Cyncado outlined
Portage CEO Alex Pickett said this morning that the divestment of Cyncado proves that Portage “remains focused on realizing the full value of its assets and delivering value back 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’s breadth of biotech experience along with his specific knowledge of adenosine receptor biology and passion for the assets will enable him to drive clinical advancement of Cyncado, as well as generate the most value from its unique product portfolio to benefit 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.
