Navigation Links
Portage Announces Proposed Private Placement
Date:9/11/2014

TORONTO, Sept. 11, 2014 /PRNewswire/ - Portage Biotech Inc. ("Portage" or "the Company") (OTC: PTGEF, Canadian Securities Exchange: PBT.U), announces that it intends to conduct a Private Placement to raise up to US$ 2 million for funding its preclinical development activities and financial commitments to Biohaven Pharmaceutical Holding Company Limited, ("Biohaven").

The Company is proposing to complete a non-brokered offering of up to 20 million common shares at a price of US$0.10 per Share, for gross proceeds of up to US$2,000,000("Private Placement"). Participation in the Private Placement is offered only to "accredited investors" in Canada, the United States and qualified residents in certain other jurisdictions. All securities issuable under the Private Placement will be restricted. The Private Placement will close on September 30, 2014 or earlier if fully subscribed.

Two of the Company's directors, Dr. Gregory Bailey and Mr. James Mellon, have agreed to provide standby commitments in respect of the Private Placement by subscribing for that portion of the Private Placement not otherwise subscribed for  by outside investors, up to a maximum of US$ 1 million each. They will receive a standby commitment fee of $50,000 each, payable in 500,000 restricted shares.

The Proceeds of the Private placement will be used for pre-clinical development work at Portage Pharmaceuticals Limited, the Company's wholly owned subsidiary and Biohaven, wherein the Company holds 54% equity.

About Portage:

Portage is engaged in researching and developing pharmaceutical and biotech products through to clinical "proof of concept" with an initial focus on unmet clinical needs. Following proof of concept, Portage will look to sell or license the products to large pharmaceutical companies for further development and commercialization.

Portage is seeking discovery and co-development partners in areas such as cancer, infectious disease, neurology and psychiatry developing novel targeted therapies, stem cell therapy and even older marketed products that have been found to have novel patentable characteristics that bring new value to patients.

Portage seeks to work with a wide range of partners, in all phases of development through in-licensing or other types of alliances. The collaboration may include direct funding or investing human capital from our extensive pool of talented scientists and physicians. Specifically Portage will invest sweat equity as well as, or instead of, capital. This internal pool of drug developers, financiers, scientists and physicians will provide unique value-add for our partners including but not limited to mitigating risks, clinical trial design, regulatory expertise and maximizing the rewards.  

Portage has two operating subsidiaries – portage Pharmaceuticals Limited ("PPL") which is wholly owned by Portage and Biohaven Pharmaceutical Holding Company Limited ("Biohaven") in which Portage holds 54% equity.

PPL 

PPL holds an exclusive worldwide licence in non-oncology fields and the know-how relating to the Antennapedia protein transduction technology developed by Trojantec. PPL has successfully validated a new proprietary cell permeable peptide platform technology derived from human genes. This proprietary platform technology has been shown to efficiently deliver an active pharmacological agent or cargo into a cell without disrupting the cell membrane. The platform has favorable pharmaceutical properties simplifying formulation development for systemic and locally administered conjugates which will allow more rapid development of drug products. PPL has converted its previously filed provisional patent application for this delivery system to an international patent application that includes a variety of structures utilizing cargos that address important areas of medical need.

PPL has prioritized inflammation as an area with a large therapeutic opportunity.

Using a cargo peptide against an anti-inflammatory target, PPL has demonstrated not only cell penetration but also convincing in-vitro and in-vivo pharmacological effects mediated intracellularly. The lead compound is being evaluated in several animal models of human inflammatory disease that will determine its first indication.

Biohaven

Biohaven is engaged in the identification and development of clinical stage neuroscience compounds targeting the glutamatergic system. The company obtained a license from Yale University regarding intellectual property for the use of certain glutamate modulating agents in the treatment of neuropsychiatric disorders.

Biohaven has been issued by the U.S. Patent and Trademark Office ("USPTO") a notice of allowance related to Biohaven's intellectual property licensed from Yale University (U.S. Patent Application No. 11/399,188).  The patent claims cover the use of certain glutamate modulating agents in the treatment of Generalized Anxiety Disorder (GAD). 

Biohaven's first drug candidate is being developed for treatment-resistant mood and anxiety disorders. The lead drug candidate is a Phase 2 ready compound and will enter clinical testing for treatment-resistant mood or anxiety disorders next year. A second unique drug candidate also targeting the glutamatergic system has a well-established safety profile and will begin optimization of its formulation in 2014.

For further information, contact Dr.Greg Bailey, the Chairman at gb@portagebiotech.com or Kam Shah, Chief Financial Officer, at (416) 929-1806.or ks@portagebiotech.com or refer to a detailed power point presentation on  our website at www.portagebiotech.com - http://portagebiotech.com/portage-bio-press-presentation-9-7-14/

Forward-Looking Statements

This news release includes forward-looking statements within the meaning of the U.S. federal and Canadian securities laws.  Any such statements reflect Portage's current views and assumptions about future events and financial performance.  Portage cannot assure that future events or performance will occur. Important risks and factors that could cause actual results or events to differ materially from those indicated in our forward-looking statements.

Portage assumes no obligation and expressly disclaims any duty to update the information in this News Release.


'/>"/>
SOURCE Portage Biotech Inc.
Copyright©2014 PR Newswire.
All rights reserved

Related biology technology :

1. Keryx Biopharmaceuticals, Inc. Announces Upcoming Poster Presentations of Zerenex™ (Ferric Citrate) at the Upcoming American Society of Nephrology Kidney Week 2011 Annual Meeting
2. VaxyGen Assay Services, LLC Announces Launch of Custom Bioassay Services and Operations
3. Sequenom Announces Participation at the Lazard Capital Markets 8th Annual Healthcare Conference
4. ACORN Research, LLC Announces Partnership with AdeptBio, LLC
5. GeoVax Labs, Inc. Announces Nine Month 2011 Financial Results
6. WuXi PharmaTech Announces Third-Quarter 2011 Results
7. Chimerix Announces Late-Breaking Poster Presentation at Kidney Week 2011 Annual Meeting
8. Spherix Announces Third Quarter Financial Results
9. Modern Mobility Aids, Inc. Announces November 30, 2011 Closing of Lumigene Acquisition
10. MedImmune Announces Winners of Its 6th Annual Global Abstract Competition
11. Nile Therapeutics Announces Top-Line Results in Clinical Trial Evaluating the Subcutaneous Infusion of Cenderitide, Meets Primary Endpoint
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:8/17/2018)... ... August 17, 2018 , ... VANCOUVER, British Columbia, Canada, ... is pleased to announce the release of the Russian translation of Best Practices: ... January 2018, is a practice-changing publication aimed at advancing the science of biobanking ...
(Date:8/14/2018)... ... August 14, 2018 , ... ... at the 11th Congress of the Chinese Association of Orthopaedic Surgeons (CAOS) held ... Fule Science & Technology Development , Beijing, and Invibio Biomaterial Solutions ...
(Date:8/9/2018)... ... 2018 , ... ActX introduces GenoACT(sm), a Genetic Clinical Decision ... talented scientific team that includes geneticists, PharmD’s, genetic counselors, and physicians aided by ... medical impact of a patient’s genetic variants , 2. Educational information for clinicians, ...
(Date:8/9/2018)... LITTLE ROCK, Ark. (PRWEB) , ... August 09, ... ... of practice management (PM), revenue cycle management (RCM), patient engagement and analytics software ... fiscal year 2018 was the highest in its twenty-year history. After back-to-back record ...
Breaking Biology Technology:
(Date:8/14/2018)... ... August 13, 2018 , ... Career fairs provide ... with multiple health systems at once. However, healthcare professionals often have hectic schedules ... efficient option for healthcare providers who wish to explore opportunities and learn about ...
(Date:8/14/2018)... ... August 13, 2018 , ... NRD, ... P-2021-5502 and P-2021-5602 Cleanroom Ionizing Gun. , The ionizing gun features ergonomic ... P-2021 ionizing cartridge, 0.5-micron filter and electropolished OSHA-compliant tip. This can be cleanroom ...
(Date:8/14/2018)... Fla. (PRWEB) , ... August 14, 2018 , ... ... activity and sleep monitoring solutions for the global scientific community, announced today the ... focus of this new division is to foster and support scientific collaborations with ...
Breaking Biology News(10 mins):