Connecticut based Portage Biotech Inc. Shares Drop

Portage Biotech Inc. shares were down 25% to $26.23 Thursday after the company said it has begun an underwritten public offering of its ordinary shares.The company said the offering of 1 million shares was priced at $23 each. It said it granted the underwriters a 30-day option to purchase up to an additional 150,000 ordinary shares.

All of the ordinary shares in the offering are to be sold by Portage Biotech Inc. The offering is subject to market conditions and there can be no assurance as to whether or when the offering may be completed, or as to the actual size or terms of the offering.Portage said it intends to use the proceeds from the offering primarily for the acceleration of its PORT-2 and PORT-3 clinical programs, to prepare the next products to enter the clinic, and for working capital and other general corporate purposes.

The volume for the stock was 601,000 shares at 10:50 a.m. ET, compared with a 65-day average volume of 19,000 shares. The stock hit a 52-week high of $44.98 on June 18. Portage Biotech Inc a clinical-stage immuno-oncology company focused on the development of therapies and treatments targeting cancer treatment resistance, today announced that it has commenced an underwritten public offering of its ordinary shares.

In addition, Portage expects to grant the underwriters a 30-day option to purchase up to an additional 15% of the number of the ordinary shares sold in connection with the offering. All of the ordinary shares in the offering are to be sold by Portage. This offering is subject to market conditions and there can be no assurance as to whether or when the offering may be completed, or as to the actual size or terms of the offering.