Investee Company Update: Portage Biotech Inc.

RNS Number : 1479M

FastForward Innovations Limited

06 May 2020

 

FastForward Innovations Ltd / AIM: FFWD / Sector: Closed End Investments

6 May 2020

FastForward Innovations Ltd ("FastForward" or, "FFWD")

Investee Company Update: Portage Biotech Inc.

FastForward Innovations Ltd, the AIM quoted company focusing on making investments in fast growing and industry leading businesses, is pleased to note the update from its investee company, Portage Biotech Inc. ('Portage'), in which it holds a 1.18% interest.

Highlights

·   Portage's subsidiary company, Saugatuck Therapeutics Ltd. ('Saugatuck'), has achieved initial proof of concept of its nanolipogel ('NGL') formulation using Portage's initial investment

· Saugatuck is an early stage biotechnology company focused on the development of co- formulation of different types of immune based therapeutics in a novel delivery system (Nanolipogels) to improve the safety and efficacy of different therapies

·   Saugatuck has formulated a proprietary PD1 aptamer in the NLG formulation and shown that the formulation properly modulates PD1 signalling. In non clinical in vivo experiments, the NLG-PD1 performed favourably compared to a mouse PD1 antibody

· The confirmation of initial proof of concept triggers the next tranche of capital infusion of USD$700,000 from Portage in Saugatuck, which will support the exploration of multiple PD1 based co-formulations with small molecules and other DNA aptamers

FastForward Director, Ed McDermott, commented: "We are delighted that Saugatuck has reached this stage in its development of the NGL formulation triggering further investment from Portage to support its continued advancement.

"Portage facilitates the delivery of the critical funding that emerging biotechs need, enabling turnkey execution of commercially-informed development plans and we look forward to updating shareholders as other advances are made across its portfolio."

Details

Portage, which has a portfolio of nine subsidiary companies, provided an update on portfolio company, Saugatuck Therapeutics Ltd. in which Portage holds a 70% equity interest. Saugatuck has achieved proof of concept of its NGL formulation using Portage's initial investment.

The NLG technology was invented in the lab of Dr. Tarek Fahmy at Yale University and commercially developed by Portage's joint venture partner, Immunova. It allows different combinations of drugs to be encapsulated in a single nanomedicine and delivered selectively to the tumour microenvironment, thus potentially minimising any systemic side-effects. Saugatuck has acquired an exclusive license from Yale University via Immunova for use of the NLG platform for delivering DNA aptamers and certain aptamer-based combination products. Immunova is developing a pipeline of NLG drugs focused on cytokine and other immune modulating drugs.

The further investment of USD$700,000 from Portage will be used to support the exploration of multiple PD1 based co-formulations with small molecules and other DNA aptamers.

Separately, this work has also triggered a licence from D5 pharma to create additional proprietary DNA aptamers for immune-oncology targets. This licence sits in another Portage company, Oncomer.  Oncomer supplies Saugatuck with aptamers to be formulated in the NLG platform.

D5Pharma is an early stage biotech based out of Sunnybrook Research Institute in Toronto that identifies novel DNA scaffold molecules for therapeutic development in oncology and inflammatory diseases. Its most advanced compound in development is an anti-CD200R1 aptamer for the treatment of asthma that was developed out of the laboratory of Dr. Jean Gariepy. This new partnership with Oncomer will enable D5 to build out its oncology portfolio by delivering aptamers in new and more effective ways.

ENDS

For further information on the Company please visit www.fstfwd.co   or contact:

Ed McDermott / Lance de Jersey	FastForward Innovations Ltd	Email: [e-mail]
James Biddle / Roland Cornish	Beaumont Cornish Limited, Nomad	Tel: [phone]
Jeremy King	Optiva Securities Limited, Broker	Tel: [phone]
Isabel de Salis / Beth Melluish	St Brides Partners Ltd, Financial PR	Tel: [phone]

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.

 

END

 

 

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