Portage Biotech Inc. (NASDAQ:PRTG) stock is trading higher after the company announced it signed a letter of intent with Immunova, LLC for the potential sale of its subsidiary.

The Details: According to the letter of intent, Portage and Immunova have agreed to negotiate a definitive option agreement for Immunova to acquire Portage's subsidiary, iOx Therapeutics, Ltd.

iOx specializes in developing liposomal iNKT agonists, with its lead candidate, PORT-2, showing encouraging early clinical results.

Brian Horsburgh, PhD, CEO of Immunova, said: "We are delighted to continue our collaboration with Portage and potentially add the iOx assets to our own pipeline, creating a clinical-stage biotech company focused on lipid drugs and delivery systems that empower immune cells to better fight disease. This acquisition represents a leap in our mission to advance innovative therapies to patients who need them most."

Portage stock is trading with unusually high volume, reaching 30.816 million shares. The average session volume over the past 100 days is 899.38 thousand shares.

PRTG Price Action: At the time of writing, Portage shares are trading 232.6% higher at $10.75, according to data from Benzinga Pro.

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