TORONTO, March 8, 2018 /PRNewswire/ - Portage Biotech Inc.
("Portage" or "the Company") (Canadian Securities Exchange: PBT.U, OTC Markets : PTGEF), is pleased to announce that it
has made an investment in iOx Therapeutics, Ltd. ("iOx"), a United Kingdom-based immuno-oncology
company. Portage will invest US$950,000 by subscribing to an unsecured, one-year convertible loan
instrument. iOx will use the proceeds to complete the manufacturing of its lead candidate, IMM60, allowing the company to begin
testing in humans later this year. The notes carry a 7% interest and will be priced at a discount to the next round of financing
into the company.
iOx was founded in February 2015 in order to develop a series of iNKT agonists that have been
shown to inhibit the growth of tumors in several preclinical models of cancer. iOx has a clinical trial sponsorship agreement
with Oxford University to conduct and fund (or arrange funding for) the first in human Phase I/II
clinical trial for iOx's lead compound, both alone and in combination with anti-PD1 antibodies. iOx's second program, IMM65 (a
nanoparticle formulation of IMM60 plus an NY-ESO-1 vaccine), is being developed with funding from the European Union's Horizon
2020 grant program (the PRECIOUS GRANT). Both compounds are potent approaches to priming and boosting an immune response in solid
tumors with multiple Phase 1 and 2 trials funded by third party agreements.
Professor Vincenzo Cerundolo, MD, PhD, iOx's scientific founder and the Director of the MRC
Human Immunology Unit and Head of the RDM Investigative Medicine Division at the Weatherall Institute of Molecular Medicine at
Oxford University, said "I am excited by the progress that iOx has made to advance its technology
towards human testing. The company looks forward to its collaborations with Oxford University
and the PRECIOUS grant consortium to test its safety and benefit in cancer patients."
iOx CEO is Dr. Ian B. Walters, a Director of Portage, and Portage's CEO, Dr. Declan Doogan, serves as its chairman. "Portage continues to seek out attractive investment opportunities in
which strong teams are developing compelling therapeutics for diseases with high unmet medical needs. iOx comes with a strong
Board of Directors that we know, a very experienced C-Suite in Drs. Walters and Kramer, and a prolific founding scientist in
Professor Cerundolo" said Greg Bailey, Chairman of Portage "also it is exciting that iOx's lead
candidate is funded to enter the clinic in 10 months, and that it has the potential to greatly impact the cancer immunotherapy
therapeutic landscape and help patients."
About iOx
Founded in February 2015 by Professor Cerundolo, iOx Therapeutics is a spin-out from the
University of Oxford started to commercialize discoveries made as part of a long-running
collaboration between Oxford and the Ludwig Institute for Cancer Research. iOx intends to develop and
commercialize multiple synthetic lipid compounds discovered by a research team led by Professor Cerundolo.
Preliminary research indicates that these compounds activate invariant natural killer T-cells (iNKT cells), which, a large
body of evidence suggests, play an important role in anti-tumor immune responses. iNKT cells are a distinct class of T lymphocyte
displaying a limited diversity of T-cell receptors. They recognize lipid antigens on the surface of tumzr cells and produce large
amounts of cytokines within hours of stimulation without the need for clonal expansion. Furthermore, iNKT cells activate multiple
immune system components, including dendritic cells, T-cells and B-cells and stimulate an antigen-specific expansion of these
cells.
About Portage
Portage is engaged in supporting 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. These forward-looking statements involve substantial risks and uncertainties, including statements that are based on the
current expectations and assumptions of the Company's management. All statements, other than statements of historical facts,
included in this press release, are forward-looking statements. The use of certain words, including the "believe", "could",
"expect" and "will" and similar expressions are intended to identify forward-looking statements. The Company may not actually
achieve the plans and objectives disclosed in the forward-looking statements and you should not place undue reliance on the
Company's forward-looking statements. Various important factors could cause actual results or events to differ materially from
those that may be expressed or implied by our forward-looking statements, including uncertainties relating to the future clinical
success. Additional important factors to be considered in connection with forward-looking statements are described in the "Risk
Factors" section of the Company's quarterly financials and Management Discussion and Analysis and annual Report in Form 20-F
filed on SEDAR and EDGAR. The forward-looking statements are made as of this date and the Company does not undertake any
obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise, except
as required by law.
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SOURCE Portage Biotech Inc.