Protagonist Therapeutics Earns $25M Milestone Payment From Janssen Biotech

Protagonist Therapeutics PTGX has received a $25 million milestone payment from its collaboration with Janssen Biotech Inc, a unit of Johnson & Johnson JNJ.
The payment comes after the dosing of the third patient in the Phase 2b FRONTIER 1 clinical trial of PN-235 (JNJ-77242113).
FRONTIER 1 is a Phase 2b dose-ranging study to evaluate the safety and efficacy of PN-235 for the treatment of moderate-to-severe plaque psoriasis.
This study is expected to enroll 240 participants.
Related: Protagonist To Go Ahead With Oral Peptide PN-235, Discontinues Phase 1 Candidate.
Protagonist has granted Janssen an exclusive worldwide license to research, develop and commercialize oral IL-23 receptor antagonists.
Protagonist is eligible for up to approximately $850 million in development-related milestone payments, in addition to $112.5M in milestones already earned.
Under terms of the collaboration, Janssen will conduct all future clinical studies, including Phase 2 and 3 studies. Janssen will be financially responsible for such studies.
Price Action: PTGX shares are up 1.78% at $26.28 during the market session on the last check Wednesday.