TIDMFFWD
RNS Number : 7291Y
FastForward Innovations Limited
03 January 2020
FastForward Innovations Ltd / AIM: FFWD / Sector: Closed End
Investments
3 January 2020
FastForward Innovations Ltd
("FastForward", "FFWD" or the "Company")
Investee Company Update: Portage Biotech Inc. Announces Filing
of Financial Statements and Accompanying MD&A and Company
Operations Update
FastForward Innovations Ltd, the AIM quoted company focusing on
making investments in fast growing and industry leading businesses,
notes the following announcement released on 31 December 2019
concerning investee company Portage Biotech Inc. ("Portage").
FastForward has a 1.18% interest in the issued stock of Portage.
Based on yesterday's closing price on the US OTC of $0.11 the
Company's interest in Portage is worth c.$1.43m.
Portage has filed its financial statements for the period ending
March 31, 2019 and is now in the process of filing an application
with the Ontario Securities Commission to revoke an outstanding
cease trade order issued on August 2, 2019 (the "CTO").
The announcement is set out below without material changes or
adjustments.
Portage Biotech Inc.
('Portage' or the 'Group')
Filing of Financial Statements and Accompanying MD&A and
Company Operations Update
-- Notable milestones include the acquisition of SalvaRx,
appointment of new CEO, Dr. Ian Walters, and the purchase of
Intensity Holdings Limited
-- Significant clinical and regulatory achievements highlighted
by Intensity Therapeutics' receipt of FDA Fast Track designation,
presentation of Phase I/II data, and entry into a research
collaboration with Merck
Toronto, Ontario, December 31st, 2019 - Portage Biotech Inc.,
("Portage" or the "Company") (Canadian Securities Exchange: PBT.U,
OTC Markets: PTGEF) is very pleased to announce that, further to
its news release of November 27, 2019, it has filed its annual
financial statements for the period ending March 31, 2019, first
quarter interim financial statements for the three month period
ending June 30, 2019, second quarter interim financial statements
for the three and six months ended September 30, 2019 and
accompanying MD&As for each period (the "Filings"). The Company
is now in the process of filing an application with the Ontario
Securities Commission to revoke an outstanding cease trade order
issued on August 2, 2019 (the "CTO").
Trading of the Company's common shares is expected to resume on
the Canadian Securities Exchange as and when the CTO is revoked.
Trading has, however, resumed on OTC Markets in the United States.
As noted in the Company's news release dated November 27th, 2019,
investors and shareholders should be aware that there is minimal
regulation and visible trading information (such as a live bid/ask)
on OTC Markets. Trading is highly speculative and, consequently,
the Company's share price is subject to extreme price fluctuations.
Caution should be exercised by those persons intending to trade the
Company's shares through this platform and are also reminded that
the Company does not and will not assume any responsibility for
trading losses.
Copies of the Filings may be found on www.sedar.com and the
Company's website: www.portagebiotech.com.
Company Operations Update
"We are pleased to report several significant achievements since
2018 which, while resulting in our delay of filing of financial
statements, have strengthened the position of Portage and its
subsidiaries," said Ian Walters, MD, CEO of Portage. "The combined
pipeline from our portfolio companies comprises one of the richest
in oncology today. We're pleased to continue to support the work of
our companies while identifying additional, new scientific and
business development opportunities."
"This past year, we completed several substantial acquisitions
and investments, including the purchase of Intensity Holdings, as
well as making significant financial investments in Stimunity and
iOx Therapeutics," continued Dr. Walters. "In addition, clinical
and regulatory progress was highlighted by Intensity's receipt of
FDA Fast Track designation for its lead compound, and entry into a
research collaboration with Merck. We are confident this
collaboration will further the development of new potential
treatments for patients with advanced solid tumors. We look forward
to continuing our mission of providing funding, business and
clinical counsel, and shared services to enable efficient,
commercially-informed development of best-in- class therapies."
Corporate & Development Highlights: 2018-2019
-- In January 2018, Portage, a significant investor in Biohaven,
announced the completion of distribution of shares of Biohaven
Pharmaceutical Holding Company to all eligible Portage
shareholders.
-- Portage announced in February 2018 that it would invest up to
EUR2,000,000 in Stimunity, an immunotherapy company developing a
biologic treatment based on virus-like particles for distant tumors
that is currently in clinical trials. In March 2019, the Company
invested EUR600,000 to support the development of lead compound,
STI-001.
-- In March 2018, Portage facilitated two rounds of investments
[for a total of $1.9M USD] for UK-based immuno-oncology subsidiary
iOx Therapeutics to complete the manufacturing of its lead product
candidate, IMM60.
-- Portage entered into a collaboration with the University of
Glasgow in February 2018 in which therapeutic peptides would be
provided to inform ongoing research conducted by subsidiary company
Portage Glasgow Limited.
-- In January 2019, the Company finalized the acquisition of
SalvaRx Limited, a biotechnology development company with ten
assets in its pipeline.
-- The Company selected Marcum LLP as its new auditors in March
2019. Given the recent acquisition of SalvaRx Limited, and the
integration of the six new companies with the previous three, there
has been a significant, $164 million increase in the balance sheet
assets as at March 31, 2019. While this evaluation was a necessary
function of the Company's reporting and it required extra time, we
were able to get a clean audit opinion on our financials. The
stronger asset base will enable the Company to move to a broader
exchange for improved trading and bring greater credibility with
institutional investors.
-- Portage's portfolio company, Intensity Therapeutics,
announced in April of 2019 that it received Fast Track designation
from the United States Food and Drug Administration (FDA) for the
development of INT230-6 in relapsed or refractory triple negative
breast cancer (TNBC).
-- In May 2019, Dr. Declan Doogan resigned as CEO to assume a
new role with the Company as an independent Director. At this time,
Dr. Ian Walters was named as the new CEO.
-- Intensity Therapeutics presented positive data in June of
2019 from a Phase 1/2 study of INT230-6 in 34 human subjects with
15 different advanced or metastatic solid tumors that had failed
all, or were not candidates for, approved therapies. Also, in June,
Portage announced that Intensity Therapeutics entered into a
clinical collaboration with Merck to evaluate INT230-6, Intensity's
investigational treatment for refractory solid tumors, in
combination with KEYTRUDA(R) (pembrolizumab). Further clinical
updates was presented at SITC conference on November 9th, 2019
showing a high rate of benefit in patients who got proper dosing (7
out of 8 patients had disease control despite progressing when
entering the study) Intensity also announced the dosing of the
first test subject with their drug(INT230-6) combined with Merck's
Keytruda as part of that collaboration .
-- In July 2019, the Company completed the purchase of Intensity
Holdings Limited, a wholly owned subsidiary of Fast Forward
Innovations Limited, increasing Portage's ownership of its sole
asset -Intensity Therapeutics. It also completed a $6.5M
fundraising in November 2018.
-- In October 2019, Stimunity announced the receipt of two
Horizon 2020 grants which will facilitate progression of their lead
drug into the clinic.
-- In November 2019, Portage acquired the remaining RIFT shares
in exchange for signing a license agreement with the founders.
As we move forward, we expect to announce news on subsequent
milestones, as research has been progressing on all of our
projects. It is our intent to focus the Company on projects that
boost the immune system to combat cancer.
(WE ENCOURAGE YOU TO VISIT THE REDESIGNED WEBSITE FOR MORE
DETAILS ON THE DEVELOPMENT PROGRAMS AND INDIVIDUALS THAT ARE
WORKING TO BRING THESE DISCOVERIES TO CANCER PATIENTS WORLDWIDE:
WWW.PORTAGEBIOTECH.COM)
We also wish to announce that our Chief Financial Officer (CFO),
Kam Shah, will be retiring. We are grateful for his numerous
contributions in this capacity and are pleased to announce that he
will remain on the Company's Board of Directors and will continue
to provide financial guidance until a replacement CFO is named. A
search is currently underway.
Financial highlights
$ in thousands
Year ended Year ended
March 31, 2019 March 31, 2018
---------------- ----------------
R&D Expense $762 $561
---------------- ----------------
Net (Loss) Income $(2,910) $123,741
---------------- ----------------
(Loss) earnings per
Share $(0.00) $0.46
---------------- ----------------
Cash $6,166 $7,520
---------------- ----------------
Total Assets $173,715 $10,003
---------------- ----------------
Total Liabilities $25,158 $384
---------------- ----------------
Stockholders' Equity $99,674 $9,619
---------------- ----------------
R&D expense increased from $561K to $762K in 2019. The
Company's cash position as of March 31, 2019 was $6.1M. The assets
on the balance sheet are now valued at $173.7M which represents a
substantial increase from 2018.
About Portage
Portage is a unique entity in the world of biotechnology,
enabling research and development to produce more clinical programs
and maximize potential returns by eliminating typical overhead
costs associated with many biotechnology companies. We nurture the
creation of early- to mid-stage, first- and best-in-class therapies
for a variety of cancers, by providing funding, strategic business
and clinical counsel, and shared services, to enable efficient,
turnkey execution of commercially informed development plans. Our
portfolio encompasses nine subsidiary companies whose products or
technologies have established scientific rationales, including
intratumorals, nanoparticles, liposomes, aptamers, cell penetrating
peptides, and virus-like particles. In collaboration with our
subsidiaries, we create viable product development strategies, to
cost-effectively deliver best-in-class R&D, clinical trial
design, and financial and project management, to ultimately build
value and support commercial potential.
For more information, visit www.portagebiotech.com.
*** ENDS***
Miscellaneous
This announcement contains inside information for the purposes
of Article 7 of Regulation (EU) 596/2014.
Cautionary Statement
The AIM Market of London Stock Exchange plc does not accept
responsibility for the adequacy or accuracy of this release. No
stock exchange, securities commission or other regulatory authority
has approved or disapproved the information contained herein. All
statements, other than statements of historical fact, in this news
release are forward-looking statements that involve various risks
and uncertainties, including, without limitation, statements
regarding potential values, the future plans and objectives of
FastForward Innovations Ltd. There can be no assurance that such
statements will prove to be accurate, achievable or recognizable in
the near term.
Actual results and future events could differ materially from
those anticipated in such statements. These and all subsequent
written and oral forward-looking statements are based on the
estimates and opinions of management on the dates they are made and
are expressly qualified in their entirety by this notice.
FastForward Innovations assumes no obligation to update
forward-looking statements should circumstances or management's
estimates or opinions change.
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
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Graham Dickson Optiva Securities Tel: +44 (0) 203
Limited, 411 1881
Broker
------------------------ ----------------------
Isabel de Salis / Beth St Brides Partners Tel: +44 (0)207
Melluish Ltd, 236 1177
Financial PR
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END
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January 03, 2020 08:15 ET (13:15 GMT)
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