Portage Biotech Inc. provided an update on its research and development programs for its expanded portfolio of immuno-oncology assets, and outlined its forward-looking clinical development goals for the next two years. The company remains focused on advancing two broad platforms, its invariant natural killer T cell (iNKT) agonists and its newly acquired adenosine antagonists, PORT-6 (A2AR inhibitor) and PORT-7 (A2BR inhibitor). COVID-related backlogs for activating clinical trial sites and staff shortages have made expansion of the PORT-2 study in the United Kingdom challenging.

As a result, the company has prepared a parallel company-sponsored study, IMPORT-201, to be launched in the United States and European Union to mitigate the slowdown in the United Kingdom. This will enable more control of progress on the trials and will also impact timing of data readouts. Ongoing development programs are as follows: iNKT Portfolio - Activating the innate, adaptive immune systems and correcting the tumor microenvironment.

PORT-2: The newly designated IMPORT-201 study is a multi-arm study Phase 1/2 trial evaluating PORT-2 in non-small cell lung cancer (NSCLC) and refractory melanoma. Data presented at the 2022 American Society of Clinical Oncology (ASCO) meeting in June confirmed MOA and demonstrated preliminary safety, tolerability and single agent activity. During ongoing discussions with melanoma thought leaders in the U.S. and EU, it became clear that the front-line standard of care for melanoma is different in the U.S. than in the UK.

As a result, the Company has made a strategic decision to drop the front-line randomized melanoma arms of this study and recruit more patients into the front-line NSCLC randomized comparison portion of the study. The Company anticipates four Phase 2 efficacy readouts from the IMPORT-201 study in both NSCLC and melanoma in 2023 and 2024. PORT 3: The Horizon grant that was funding the PRECIOUS study has ended.

The Company is waiting for additional data to determine next steps for development. Adenosine Portfolio - Modulating adenosine pathway in four different ways to determine the optimal approach to maximize the impact mechanism of action on different tumors. The Company believes that leveraging the A2A and A2B pathways, alone or in combination, holds the potential for customized treatment for specific patients and/or tumor types.

PORT-6 is a potent, selective and durable A2A antagonist while PORT-7 is a highly selective and potent A2B antagonist. The ADPORT-601 adaptive Phase 1a/1b study will explore PORT-6 and PORT-7 as monotherapies, in combination with one another and possibly in combination with other Portage assets. Phase 1b is designed to explore PORT-6 and PORT-7 monotherapies in an enriched population and in randomized trials vs.

standard of care. There is strong interest from academic collaborators in the upcoming ADPORT-601 study and the Company is in the process of setting up multiple collaborations on the platform. The Company also recently announced that the U.S. National Cancer Institute (NCI) has amended its Cooperative Research and Development Agreement to test the products targeting the adenosine pathway.