Biohaven Raises $80 Million in Private Financing
TORONTO, Nov. 1, 2016 /PRNewswire/ - Portage Biotech Inc. ("Portage" or "the Company") (OTC: PTGEF, Canadian Securities Exchange: PBT.U), is pleased to announce that Biohaven Pharmaceutical Holding Company Ltd. ("Biohaven"), wherein Portage has significant investment has successfully completed a private financing of $80 million from third parties. This financing will enable Biohaven to initiate phase 2/3 studies in last quarter of 2016 and in 2017 and develop late stage clinical pipeline and advance new therapies into clinical trials.
Further details can be found in a press release issued today by Biohaven – see http://finance.yahoo.com/news/biohaven-secures-80-million-oversubscribed-070000683.html
Biohaven and Portage are contractually bound by the lead investor and the pharmaceutical companies that have invested to not disclose the terms of the financing.
Gregory Bailey, Chairman of Portage commented, "This financing is transformative for Biohaven as it transitions into a biotech company with late stage assets. Contractual obligations prevent Biohaven and Portage from giving the full details of this financing and an update on Biohaven. We look forward to Biohaven moving to the public markets when it will give the most accurate picture of the value of this investment."
Kam Shah, CFO of Portage added, "We are extremely pleased to report that Biohaven is now funded through its next major milestones. It has been exciting to see the amount and strength of the Institutional investors' interest in Biohaven."
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 is seeking discovery and co-development partners with expertise in areas such as cancer, infectious disease, neurology and psychiatry to develop and commercialize its therapies. 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.
Portage looks to work with a wide range of partners in all phases of development. Collaboration with Portage may include direct funding of other companies or investing human capital from our extensive pool of talented scientists and physicians. Specifically, Portage invests sweat equity as well as, or instead of, capital. Portage's network of associated drug developers, financiers, scientists and physicians can provide substantial value for our partners by mitigating risks, designing clinical trials, providing regulatory expertise, and maximizing the rewards of clinical development.
Portage's portfolio companies comprise:
Portage Pharmaceuticals Limited ("PPL"), which is wholly owned by Portage - PPL management developed an improved, fully human cell penetrating peptide platform called CellPorter® and nominated its first lead candidate from the CellPorter® platform, a potent anti-inflammatory peptide that it plans to develop for ophthalmological diseases, including Dry Eye Disease.
Biohaven, wherein Portage has significant equity investment, is a privately-held biopharmaceutical company with particular expertise in late stage clinical development and has portfolio of multiple late stage drug assets. Biohaven has licensed intellectual property from Yale University, Catalent, ALS Biopharma LLC, Massachusetts General Hospital and two undisclosed pharmaceutical companies. The company has advanced multiple candidates into the clinic and plans on pivotal trials beginning late 2016. Biohaven also has a substantial equity stake in Kleo Pharmaceuticals, Inc. (http://kleopharmaceuticals.com) Further information regarding Biohaven can be found at: http://biohavenpharma.com.
Sentien Biotechnologies Ltd, wherein Portage holds under 20% equity on a fully diluted basis, is a Boston-based firm developing an extracorporeal stem cell therapy for acute kidney injury. Sentien is preparing to file its IND and is currently raising capital to support its first-in-man trial.
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.