Pro­tag­o­nist rais­es $22M to re­vive PTG-100; Paratek's an­tibi­ot­ic shows non-in­fe­ri­or­i­ty

→ Pro­tag­o­nist Ther­a­peu­tics {PT­GX}, a tiny pub­lic com­pa­ny in Newark, CA, has inked a se­cu­ri­ties pur­chase deal to­tal­ing $22 mil­lion in shares to sort out plans for its for­mer lead pro­gram in in­flam­ma­to­ry bow­el dis­eases. The new funds will go to­wards PTG-100, an oral al­pha-4-be­ta-7 in­te­grin an­tag­o­nist pep­tide, which was pre­vi­ous­ly in a Phase IIb tri­al for ul­cer­a­tive col­i­tis be­fore it was dis­con­tin­ued. Now, the com­pa­ny says its un­der eval­u­a­tion for oth­er IBD in­di­ca­tions. The biotech is sell­ing 2.75 mil­lion shares to in­vestors in­clud­ing BVF Part­ners and their af­fil­i­ate. The in­vestors al­so got five-year war­rants to buy up 1.375 mil­lion shares at $15 per share.

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