TORONTO, April 9, 2013 /PRNewswire/ - Bontan Corporation Inc. ('the Company")
(OTCBB: BNTNF) ("Bontan") is pleased to announce that it has
incorporated a newly formed company, Portage Acquisition Inc. ("PAI"),
incorporated under the laws of the British Virgin Islands ("BVI").
PAI is currently a wholly owned subsidiary of the Company and will
facilitate early closing of the proposed acquisition of Portage Pharma
Ltd. through a BVI statutory merger, as previously announced in a press
release dated March 26, 2013.
Bontan Corporation Inc. has recently signed a letter of intent to
acquire Portage Pharma Ltd through a share exchange. Portage Pharma
Ltd. currently holds a master licence to the Antennapedia platform for
all pathologies (except oncology). Upon closing of the Portage Pharma
Ltd. acquisition the Company will be engaged in researching and
developing products through to proof of concept with an early focus on
unmet clinical needs and orphan drugs. Following proof of concept, the
Company will look to sell or licence the products to Big Pharma.
About Bontan Corporation Inc:
Bontan Corporation Inc. concluded a settlement on its indirect oil and
gas interest in Israel and now seeks business opportunities in the
biotechnology sector.
For further information, contact Kam Shah, Chief Executive Officer of
Bontan, at (416) 929-1806 and for investor relations contact John
Robinson at (416) 860-0211.
Forward-Looking Statements
This news release includes forward-looking statements within the meaning
of the U.S. federal and Canadian securities laws. Any such statements
reflect Bontan's current views and assumptions about future events and
financial performance. Bontan cannot assure that future events or
performance will occur. Important risks and factors that could cause
actual results or events to differ materially from those indicated in
our forward-looking statements.
Bontan assumes no obligation and expressly disclaims any duty to update
the information in this News Release.
SOURCE Bontan Corporation Inc.
