TIDMFFWD
FastForward Innovations Limited
08 March 2021
FastForward Innovations Ltd / AIM: FFWD / Sector: Closed End
Investments
8 March 2021
FastForward Innovations Ltd
("FastForward", "FFWD" or the "Company")
Investee Company Update: Portage Biotech Inc. and Juvenescence
Ltd
FastForward Innovations Ltd, the AIM quoted company focusing on
making investments in fast growing and industry leading businesses,
is pleased to note that Portage Biotech Inc. (" Portage") has
announced the divestment of three legacy businesses; Portage
Pharmaceuticals Limited (PPL), and its subsidiaries Portage Glasgow
Limited and EyGen Limited, to Juvenescence Ltd.
FastForward has a 0.56% interest in the issued stock of Portage
and a 0.63% interest in the issued stock of Juvenescence Ltd.
The announcement is set out below without material changes or
adjustments.
PORTAGE BIOTECH DIVESTS PORTAGE PHARMACEUTICALS LIMITED TO
JUVENESCENCE LTD
- Out-licensing agreement facilitates focus on the Company's
immuno-oncology assets -
- Portage may be entitled to up to USD $244 million in future
milestone payments -
Toronto, ON - (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- - 2 - 3698284.1 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
*** ENDS***
For further information on the Company please visit www.fstfwd.co or contact:
Ed McDermott / Lance FastForward Innovations Email: info@fstfwd.co
de Jersey Ltd
James Biddle / Roland Beaumont Cornish Tel: +44 (0) 207
Cornish Limited, 628 3396
Nomad
------------------------ -----------------------------------
Isabella Pierre / Damon Shard Capital Partners T: +44 (0)20 7186
Heath LLP 9927
------------------------ -----------------------------------
Isabel de Salis / Beth St Brides Partners Email: info@stbridespartners.co.uk
Melluish Ltd,
Financial PR
------------------------ -----------------------------------
Notes
FastForward Innovations is an AIM quoted investment company
focused primarily on disruptive high growth life sciences and
technology businesses particularly within the medical cannabis
arena. The Company's strategy is to identify early stage
opportunities that have an upcoming investment catalyst and grow
its portfolio in terms of value whilst limiting the number of
investee companies to a level where relevant time can be devoted to
each.
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END
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March 08, 2021 05:21 ET (10:21 GMT)
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