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Critical Outcome Technologies Inc. (TSXV:COT) signed a non-binding letter of intent to form a joint venture with Portage Biotech Inc. to fund and direct the Phase 1 development of the Company’s clinical oncology candidate, COTI-2. Portage will invest $5.0 million USD in the joint venture.
Critical Outcome Technologies Inc. (TSXV:COT) signed a non-binding letter of intent to form a joint venture with Portage Biotech Inc. to fund and direct the Phase 1 development of the Company’s clinical oncology candidate, COTI-2. Portage will invest $5.0 million USD in the joint venture.
As quoted in the press release:
“The formation of this joint venture will bring substantial technical and industry expertise to the development of COTI-2 and should enable us to move into clinical trials and provide the human data validation that is of primary interest to many potential licensing partners,” said Mr. John Drake, Chairman of COTI. “The timing of this joint venture should also help us to meet our objective of having COTI-2 enter the clinic this year.”
Under the terms of the LOI, the Company and Portage have agreed to form a joint venture company (“JV Co”) wherein the Company will grant an exclusive limited license for COTI-2 to JV Co for the development of COTI-2 from the point it commences the final pre-clinical 28-day two-species toxicity studies, through IND preparation and filing, a Phase 1 clinical trial and all related or ensuing development as determined to be appropriate by JV Co.
Click here to read the Critical Outcome Technologies Inc. (TSXV:COT) press release