Portage may be entitled to up to USD $244 million in future milestone payments -Toronto, Ontario-- - Portage Biotech Inc. a clinical stage immuno-oncology company accelerating research and development to overcome immune resistance, today announced the divestment of its three legacy businesses; Portage Pharmaceuticals Limited including subsidiaries Portage Glasgow Ltd. and EyGen Ltd, to Juvenescence Ltd., a company ...

Portage may be entitled to up to USD $244 million in future milestone payments -

Toronto, Ontario--(Newsfile Corp. - March 4, 2021) - Portage Biotech Inc. (NASDAQ: PRTG) (CSE: PBT.U) ("Portage" or the "Company") a clinical stage immuno-oncology company accelerating research and development to overcome immune resistance, today announced the divestment of its three legacy businesses; Portage Pharmaceuticals Limited (PPL), including subsidiaries Portage Glasgow Ltd. and EyGen Ltd, to Juvenescence Ltd., a company developing therapies to transform the way people age. This asset disposition reflects a continuum of Portage's business strategy to focus on its pipeline of immuno-oncology platforms.

In exchange for the assets, the out-licensing agreement states that Portage may be entitled to receive up to USD $244 million in future milestone payments based on specified development criteria. The Company will also be eligible to receive royalties in the future on global net sales of products developed utilizing the PPL intellectual property.

Dr. Ian Walters, chief executive officer of Portage, commented, "We are dedicated to the continued development of our immuno-oncology pipeline and the progression of our three products in clinical testing. Today's transaction reflects this commitment and enables us to direct both our personnel and capital resources towards our immuno-oncology programs while maintaining upside in the event that the assets developed using PPL's intellectual property are successfully commercialized."

This transaction is considered a related party transaction within the meaning of Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions ("MI 61-101"). The Company is relying on appropriate exemptions from the formal valuation and minority shareholder approval requirements of MI 61-101 in respect of these issuances.

About Portage Biotech Inc.

Portage is a clinical stage immuno-oncology company advancing first-in-class therapies that target known checkpoint resistance pathways to improve long-term treatment response and quality of life in patients with evasive cancers. The Company's access to next-generation technologies coupled with a deep understanding of biological mechanisms enables identification of the most promising clinical therapies and product development strategies that accelerate the translation from the bench to human proof of concept. Portage's portfolio consists of five diverse platforms, leveraging delivery by intratumorals, nanoparticles, liposomes, aptamers, and virus-like particles. Within these five platforms, Portage has 10 products currently in development with multiple clinical readouts expected over the next 12-24 months.

About Juvenescence Ltd.

Juvenescence Ltd. is a life sciences company developing therapies to modify aging - increasing human health span and longevity. It was founded by Jim Mellon, Dr. Greg Bailey and Dr. Declan Doogan. The Juvenescence team are highly experienced drug developers, entrepreneurs and investors with a significant history of success in the pharmaceutical and consumer health sectors. Juvenescence will create, partner with or invest in new companies with longevity-related therapeutics, by in-licensing compounds from academia and industry, or forming joint ventures to develop therapeutics for longevity. Juvenescence believes that recent advances in science have greatly improved our understanding of the biology of aging and seeks to develop therapeutics with the possibility of slowing, halting or potentially reversing elements of aging. For further information, please visit: www.juvlabs.com.

Forward-Looking Statements

This news release contains statements about the Company's information that are forward-looking in nature and, as a result, are subject to certain risks and uncertainties. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, undue reliance should not be placed on them as actual results may differ materially from the forward-looking statements. The forward-looking statements contained in this news release are made as of the date hereof, and the Company undertakes no obligation to update publicly or revise any forward-looking statements or information, except as required by law.

Neither the Canadian Securities Exchange nor its Market Regulator (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release. We seek Safe Harbor.

FOR MORE INFORMATION, PLEASE CONTACT:

Contact:Media@portagebiotech.com
www.portagebiotech.com

Investor Relations
Chuck Padala
chuck@lifesciadvisors.com

Media Relations
Kate Caruso-Sharpe
kcaruso-sharpe@lifescicomms.com

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/76027

News Provided by Newsfile via QuoteMedia

Lexaria Bioscience Corp. Announces Participation in the Benzinga Global Small Cap Conference

Lexaria Bioscience Corp. Announces Participation in the Benzinga Global Small Cap Conference

Lexaria Bioscience Corp. (NASDAQ: LEXX) will be presenting at the Benzinga Global Small Cap Conference taking place on December 8-9, 2021. We invite our shareholders and all interested parties to explore investment opportunities within the global small cap space.

Sign up to get a free spectator pass for the event: https://www.benzinga.com/events/small-cap/december-2021-global/.

Keep reading... Show less

Amgen Announces New Data Being Presented At ASH 2021

- Amgen (NASDAQ: AMGN) today announced new data from its hematology pipeline and marketed portfolio to be presented at the 63 rd American Society of Hematology (ASH) Annual Meeting & Exposition in Atlanta, Georgia and virtually, from Dec. 11-14, 2021 .

"The data being presented at ASH demonstrates Amgen's commitment to reaching more patients with our innovative hematology medicines and improving the patient experience by exploring more convenient administrations for people living with blood cancers," said David M. Reese , M.D., executive vice president of Research and Development at Amgen. "By accelerating the development and delivery of transformative medicines in difficult to treat and vulnerable patient populations, including children and pregnant women, we continue to focus on the relentless pursuit of breakthroughs for blood cancer patients and their families."

Keep reading... Show less

Upadacitinib Achieved Primary and Key Secondary Endpoints in First Phase 3 Induction Study in Patients with Crohn's Disease

ABBVie (NYSE: ABBV) today announced positive top-line results from U-EXCEED, a Phase 3 induction study, showing upadacitinib (45 mg once daily) achieved both primary endpoints of clinical remission a,b and endoscopic response c at week 12. 1 The U-EXCEED study enrolled patients with moderate to severe Crohn's disease who had an inadequate response or were intolerant to biologic therapy, with over 60 percent having previously failed two or more biologics. 1 U-EXCEED is the first of two Phase 3 induction studies to evaluate the safety and efficacy of upadacitinib in adults with moderate to severe Crohn's disease. 1

"The data from this first Phase 3 induction study in Crohn's disease suggest upadacitinib may help address the needs of patients suffering from this disease, as demonstrated in stringent endpoints such as endoscopic response," said Michael Severino , M.D., vice chairman and president, AbbVie. "We continue to leverage our expertise in IBD by driving research and development that help shape the IBD landscape and elevate standards of care for patients."

Keep reading... Show less

Bristol Myers 24 Hour Deadline Alert: Former Louisiana Attorney General and Kahn Swick & Foti, LLC Remind Investors with Losses in Excess of $100,000 of Deadline in Class Action Lawsuits against Bristol-Myers Squibb Company - BMY

Kahn Swick & Foti, LLC ("KSF") and KSF partner, the former Attorney General of Louisiana, Charles C. Foti, Jr., remind investors that they have until December 6, 2021 to file lead plaintiff applications in securities class action lawsuits against Bristol-Myers Squibb Company ("BMS" or "the Company") (NYSE:BMY), if they received Contingent Value Rights ("CVRs") in exchange for their shares of Celgene Corporation pursuant to BMS' acquisition of Celgene on November 20, 2019. These actions are pending in the United States District Court for the Southern District of New York

What You May Do

Keep reading... Show less

Bristol Myers 48 Hour Deadline Alert: Former Louisiana Attorney General and Kahn Swick & Foti, LLC Remind Investors with Losses in Excess of $100,000 of Deadline in Class Action Lawsuits against Bristol-Myers Squibb Company - BMY

Kahn Swick & Foti, LLC ("KSF") and KSF partner, the former Attorney General of Louisiana, Charles C. Foti, Jr., remind investors that they have until December 6, 2021 to file lead plaintiff applications in securities class action lawsuits against Bristol-Myers Squibb Company ("BMS" or "the Company") (NYSE:BMY), if they received Contingent Value Rights ("CVRs") in exchange for their shares of Celgene Corporation pursuant to BMS' acquisition of Celgene on November 20, 2019. These actions are pending in the United States District Court for the Southern District of New York

What You May Do

Keep reading... Show less

Cohen Milstein Files Class Action Complaint Against Bristol-Myers Squibb Company

Cohen Milstein Sellers & Toll PLLC ("Cohen Milstein") today announced that its ongoing investigation has led to the filing of a class action complaint against Bristol-Myers Squibb Company ("Bristol Myers") and several of its senior executives and directors. The case was filed in the United States District Court for the Southern District of New York, Case No. 21-cv-10351

The action was brought on behalf of all former Celgene Corporation ("Celgene") (CELG) shareholders that received Contingent Value Rights ("CVRs") in exchange for their Celgene shares pursuant to Bristol Myers' $74 billion acquisition of Celgene on November 20, 2019, and were damaged thereby, and all persons who purchased CVRs between November 20, 2019 and December 31, 2020 (the "Class Period"), and who were damaged thereby (the "Class").

Keep reading... Show less

Top News

Related News