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(RTTNews) - Portage Biotech Inc. (PRTG) announced the outcome from the company's review of its pipeline in the context of the current capital raising market conditions. The company is implementing a cost-savings plan that includes a reduction in internal and contracted workforce, with remaining employees focusing primarily on pursuing the adenosine clinical programs. After a review of funding requirements, the Board has made the decision to pause further drug development in the PORT-2 iNKT program.

Ian Walters, CEO, said: "The company will evaluate a range of potential strategic options which may include among other things, finding a partner for our iNKT program or other corporate transactions."

Shares of Portage Biotech are up 16% in pre-market trade on Thursday.

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