Investee Company Update: Portage Biotech Inc.

RNS Number : 1235X

FastForward Innovations Limited

25 August 2020

 

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

25 August 2020

FastForward Innovations Ltd

("FastForward", "FFWD" or the "Company")

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 following announcement released on 24 August 2020 concerning investee company Portage Biotech Inc. (" Portage"). Portage has published its Annual Financial Statements for the fiscal year ended 31 March 2020, ahead of the extension deadline required by the Canadian Securities Administrators. FastForward has a 1.18% interest in the issued stock of Portage.

Ed McDermott, CEO of FastForward, commented: "It is positive to hear that Portage has filed its financial statements ahead of its extension deadline. Reassuringly, the statements highlight that the company has a strong cash position, which was bolstered by its recent fundraise of $6.98 million, providing resources for the continued development of its portfolio over the coming 12 months. Portage is on target to have three products in clinical testing by the end of this year despite the disruptions as a result of COVID-19, and we look forward to providing further updates as its pipeline of companies continue to advance."

Please use the following link to access the full Annual Financial Statements: https://bit.ly/2YvZI9f

Please use the following link to access the Management Discussion and Analysis: https://bit.ly/34s0xnn

The announcement is set out below without material changes or adjustments.

Portage Biotech Inc.

('Portage' or the 'Group')

Portage Announces Filing of Annual Financial Statements

· Reflecting significant strengthening of Company's fundamentals

· Pipeline progressing: anticipate 3 clinical programs by year end

· Financial resources enable accelerated development and opportunistic value creation

Toronto, Ontario--(Newsfile Corp. - August 24, 2020) - Portage Biotech Inc. (CSE: PBT.U) (OTC Pink: PTGEF) ("Portage" or the "Company") announces that the Company has filed its annual financial statements for the fiscal year ended March 31, 2020, related management's discussion and analysis and officer certifications, as required by Parts 4 and 5 of National Instrument 51-102 Continuous Disclosure Obligations (collectively, the "Annual Filings").

Previously on July 28, 2020, Portage announced that pursuant to the blanket relief granted by the Canadian Securities Administrators, it would not file the Annual Filings by the filing deadline of July 29, 2020.

The Company relied on an exemption set out in Ontario Instrument 51-505: Temporary Exemption from Certain Corporate Finance Requirements and similar extension periods provided for by the Canadian Securities Administrators in the other provinces and territories of Canada which provides blanket relief of a 45-day extension provided for periodic filings normally required to be made by issuers during the period from June 2, 2020 to August 31, 2020.

This announcement serves as confirmation that Portage has filed the Annual Filings before the extension deadline required by the Canadian Securities Administrators. The Company is now current on its continuous disclosure.

About Portage Biotech Inc.

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. 

Forward-Looking Statements

This press release may include forward-looking information within the meaning of Canadian securities legislation, concerning the business and trading in the common stock of Portage Biotech Inc., the raising of additional capital and the future development of the businesses comprising Portage's investment portfolio. The forward-looking information is based on certain key expectations and assumptions made by the Company's management. Although the Company believes that the expectations and assumptions on which such forward-looking information is based are reasonable, undue reliance should not be placed on the forward-looking information because Portage can give no assurance that they will prove to be correct. These forward-looking statements are made as of the date of this press release and Portage disclaims any intent or obligation to update publicly any forward-looking information, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws.

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.

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]
Graham Dickson	Optiva Securities Limited, Broker	Tel: [phone]
Susie Geliher / 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.

 

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