Protagonist Shares Up 17% After Expanded Janssen Agreement

Date : 05/08/2019 @ 3:24PM
Source : Dow Jones News
Stock : Johnson & Johnson (JNJ)
Quote : 132.07  0.21 (0.16%) @ 12:59AM

Protagonist Shares Up 17% After Expanded Janssen Agreement

PROTAGONIST THERAPEUTICS, INC (NASDAQ:PTGX)
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By Michael Dabaie

 

Protagonist Therapeutics Inc. (PTGX) shares were up 17% to $10.52 in early trading.

Protagonist said earlier it expanded its license and collaboration agreement with Johnson & Johnson's (JNJ) Janssen Biotech Inc. for Protagonist's PTG-200 for all indications including inflammatory bowel disease.

Under the terms of the amended agreement, Protagonist will receive a $25 million milestone payment and will be eligible to receive more than $1.0 billion in additional research, development, regulatory and sales milestones.

Protagonist reported a net loss of $14.1 million for the first quarter, versus a net loss of $7.7 million for the same period of 2018. The increase in net loss was driven primarily by a decrease in license and collaboration revenue recognized during the first quarter of 2019, the company said.

 

Write to Michael Dabaie at michael.dabaie@wsj.com

 

(END) Dow Jones Newswires

May 08, 2019 10:09 ET (14:09 GMT)

Copyright (c) 2019 Dow Jones & Company, Inc.

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