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WESTPORT, Conn., Dec. 17, 2024 (GLOBE NEWSWIRE) -- Portage Biotech, Inc. (“Portage” or the “Company”) (NASDAQ: PRTG), a clinical-stage immuno-oncology company with a portfolio of novel multi-targeted therapies for use as monotherapy and in combination, is pleased to announce that it has entered into a Letter of Intent (“LOI”) with Immunova, LLC, (“Immunova”) a private Connecticut-based biotechnology company. Under the terms of the LOI, Portage and Immunova have agreed to negotiate a definitive option agreement for Immunova or an affiliate to acquire the entire share capital of iOx Therapeutics, Ltd (“iOx”), a wholly owned subsidiary of Portage. iOx is focused on developing liposomal iNKT agonists, and its lead candidate, PORT-2, has demonstrated promising preliminary clinical activity.
Alex Pickett, CEO of Portage Biotech, commented: “We are excited about this opportunity to partner with Immunova. This transaction underscores Portage’s commitment to unlocking the value of its assets and bringing returns to shareholders while ensuring that potentially innovative therapeutics are swiftly brought into clinical development.”
Brian Horsburgh, PhD, CEO of Immunova, said: “We are delighted to continue our collaboration with Portage and potentially add the iOx assets to our own pipeline, creating a clinical-stage biotech company focused on lipid drugs and delivery systems that empower immune cells to better fight disease. This acquisition represents a leap in our mission to advance innovative therapies to patients who need them most.”
The transaction remains subject to the negotiation and execution of definitive agreements, customary closing conditions, and regulatory approvals. Portage and Immunova are committed to completing the transaction in a timely manner and will provide further updates as appropriate or necessary.
About Portage Biotech, Inc.
Portage Biotech is a clinical-stage immuno-oncology company advancing a pipeline of novel biologics to transform the immune system’s ability to fight cancer. Portage’s approach focuses on discovering and developing therapies with unique mechanisms of action and strong scientific rationale to address unmet patient needs. For more information, visit www.portagebiotech.com.
About Immunova, LLC
Immunova is a privately held biotechnology company based in Connecticut, specializing in the development of lipid-based drugs and immune-modulating therapies. Immunova’s mission is to leverage cutting-edge science to design innovative treatments that empower immune cells and transform the treatment landscape for cancer and other diseases.