Portage provides updates
TORONTO, April 10, 2014 /PRNewswire/ – Portage Biotech Inc. (“Portage”) (OTCQB: PTGEF, CNSX: PBT.U) is pleased to provide the following update on the recent experimental
work completed on the Antennapedia protein (ANTP) and additional
transporter proteins by its wholly owned subsidiary, Portage
Pharmaceuticals Ltd. (“PPL” or the “Company”).
Based on recent experimental results, PPL will focus its preclinical
development efforts on a proprietary cell penetrating peptide to carry
therapeutic cargos as treatments for unmet medical needs. The
company’s lead candidate, targeting inflammation utilizing a
human-derived transporter protein platform, is active in isolated cells
and in mice. The company now plans further animal disease model
studies to confirm the activity of the lead candidate and to determine
the most efficient path to clinical proof of concept in the highest
confidence indication among a short list of clear therapeutic
opportunities that will address a large market and an unmet clinical
Portage is engaged in researching and developing pharmaceutical and
biotech products through to clinical “proof of concept” with an initial
focus on unmet clinical needs. Following proof of concept, Portage will
look to sell or license the products to large pharmaceutical companies
for further development and commercialization.
Apart from PPL, Portage holds 54% equity in Biohaven Pharmaceutical
Holding Company Limited (“Biohaven”). Biohaven is engaged in the
identification and development of clinical stage neuroscience compounds
targeting the glutamatergic system. The company obtained a license from
Yale University regarding intellectual property for the use of certain
glutamate modulating agents in the treatment of neuropsychiatric
disorders. Biohaven’s first drug candidate is being developed for
treatment-resistant mood and anxiety disorders. The lead drug candidate
is a Phase 2 ready compound and will enter clinical testing for
treatment-resistant mood or anxiety disorders next year. A second
unique drug candidate also targeting the glutamatergic system has a
well-established safety profile and will begin optimization of its
formulation in 2014.
Portage is seeking discovery and co-development partners in areas such
as cancer, infectious disease, neurology and psychiatry developing
novel targeted therapies, stem cell therapy and even older marketed
products that have been found to have novel patentable characteristics
that bring new value to patients.
Portage seeks to work with a wide range of partners, in all phases of
development through in-licensing or other types of alliances. The
collaboration may include direct funding or investing human capital
from our extensive pool of talented scientists and physicians.
Specifically Portage will invest sweat equity as well as, or instead
of, capital. This internal pool of drug developers, financiers,
scientists and physicians will provide unique value-add for our
partners including but not limited to mitigating risks, clinical trial
design, regulatory expertise and maximizing the rewards.
For further information, contact Greg Bailey, the Chairman at email@example.com or Kam Shah, Chief Financial Officer, at (416) 929-1806 or firstname.lastname@example.org, or visit our website at www.portagebiotech.com.
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. Important risks and factors that could cause
actual results or events to differ materially from those indicated in
our forward-looking statements.
Portage assumes no obligation and expressly disclaims any duty to update
the information in this News Release.
SOURCE Portage Biotech Inc.