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
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.
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.
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.
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