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Protagonist Receives $34 Million from Warrant Exercises
Estimated cash runway now extended through Q1 2026NEWARK, CA / ACCESSWIRE / August 9, 2023 / Protagonist Therapeutics (NASDAQ:PTGX) ("Protagonist" or "the
About this update from Protagonist Therapeutics, Inc.
[{"type":"text","content":"Estimated cash runway now extended through Q1 2026NEWARK, CA / ACCESSWIRE / August 9, 2023 / Protagonist Therapeutics (NASDAQ:PTGX) (\"Protagonist\" or \"the Company\") today announced it has received approximately $34.4 million in proceeds from the exercise of warrants to purchase 2.75 million shares of the Company's Common Stock. The warrants were issued in connection with an August 2018 equity financing and expired on August 8, 2023.\"These proceeds make Protagonist's cash position even stronger, with an estimated cash runway through the first quarter of 2026,\" said Dinesh V. Patel, Ph.D., President and CEO of Protagonist. \"Importantly, that estimate does not include $200 million in potential milestones associated with a successful Phase 3 study, NDA filing, and approval of JNJ-2113 in psoriasis,\" Dr. Patel continued.The warrants were exercised for 44,748 shares of Common Stock and pre-funded warrants to purchase 2,705,252 shares of Common Stock.About ProtagonistProtagonist Therapeutics is a biopharmaceutical company with peptide-based new chemical entities (NCEs) rusfertide and JNJ-2113 (formerly PN-235) in advanced stages of clinical development, both derived from the Company's proprietary technology platform. Protagonist scientists jointly discovered PN-235 (now known as JNJ-2113) as part of Protagonist's Interleukin-23 receptor (IL-23R) collaboration with Janssen and followed it through IND-enabling pre-clinical and Phase 1 studies, with Janssen assuming responsibility for further clinical development. Rusfertide, a mimetic of the natural hormone hepcidin, is the Company's lead drug candidate currently in a global Phase 3 development program. The Phase 2 REVIVE study is now complete, with an open-label extension underway. The global Phase 3 VERIFY study of rusfertide in polycythemia vera is ongoing. Protagonist retains all worldwide development and commercialization rights to rusfertide.More information on Protagonist, its pipeline drug candidates and clinical studies can be found on the Company's website at protagonist-inc.com.Cautionary Note on Forward-Looking StatementsThis press release contains forward-looking statements for purposes of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements regarding our estimated cash runway and our potent...