Protagonist Therapeutics extends cash runway on focused plan for lead drug

Thinly traded micro cap Protagonist Therapeutics (NASDAQ:PTGX) is up 16% premarket on light volume on the heels of its announcement that it has chosen polycythemia vera, a type of blood cancer in which the bone marrow produces too many red blood cells, as the first indication for lead candidate PTG-300.

PTG-300 is a mimetic (“imitates” the action of) a natural peptide hormone called hepcidin that regulates iron absorption and utilization in the body and plays an essential role in the development of red blood cells.

The company says it is focusing its resources on this indication and has decided to defer the start of a Phase 2 study of PN-943 in ulcerative colitis which will reduce expenses and extend its cash runway an additional six months through mid-2022.

https://seekingalpha.com/news/3572151-protagonist-therapeutics-extends-cash-runway-on-focused-plan-for-lead-drug