This update follows the press release of November 7, 2017 to provide
additional detail regarding the anticipated timing of Portage's potential dividend of Biohaven shares in 2018.
TORONTO, Nov. 8, 2017 /PRNewswire/ - Portage Biotech
Inc. ("Portage") (OTCQB: PTGEF, Canadian Stock Exchange: PBT.U) plans to distribute, as stock dividend, a substantial
part of the 6,341,500 common shares it holds in Biohaven Pharmaceutical Holding Company Ltd (BHVN:NYSE). Portage will retain a
portion of the total number of shares to deal with technical matters arising from the proposed dividend plan and to provide
working capital to Portage. The distribution is subject to legal review and to regulatory compliance.
Portage is working with its professional advisors in numerous jurisdictions including the United
States, Canada and BVI to determine the terms and timing of the dividend distribution
plan. The stock dividend will only be effected in those jurisdictions where it is permitted by law and this press release is
being issued as part of the process to plan for such a distribution.
Finalization of the distribution, including the dividend record date, the number of shares of BHVN to be
distributed and resolution of fractional share issues, will be announced as soon as they are available. However, based on its
current expectations, Portage expects the distribution will be effected in 2018.
Dr. Bailey, the Chairman, commented, " We believe distribution of our holding in Biohaven as a dividend to our shareholders is
the fairest and best way for them to maximize the value of their investment in Portage. A dividend would provide Portage
shareholders the opportunity to make their own assessment of Biohaven's development strategy. I have great confidence in the team
at Biohaven and look forward to the read-outs on their various clinical trial programs."
The proposed dividend will also enable Portage to avoid being characterized as an investment company under the US Investment
Company Act of 1940, as amended.
About Portage
Portage is engaged in the discovery and development of pharmaceutical and biotech products through clinical "proof of concept"
with a focus on areas of unmet clinical need. Following proof of concept, Portage will seek to sell or license these products to
large pharmaceutical or biotechnology companies for further development and commercialization. Portage has an interest in novel
targeted therapies, stem cell therapies, and new indications for older marketed products that have been found to have novel
patentable characteristics that bring new value to patients.
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 Portage's current views and assumptions about future events and financial performance. Portage cannot
assure that future events or performance will occur. There are important risks and other factors that could cause actual results
or events to differ materially from those indicated in our forward-looking statements.
Portage assumes no obligation for, and expressly disclaims any duty to update, the information in this News Release.
SOURCE Portage Biotech Inc.