Portage Biotech Announces Letter of Intent with Immunova for an Option to Acquire iOx Therapeutics, Ltd
Portage Biotech (NASDAQ: PRTG) has entered into a Letter of Intent (LOI) with Immunova, a private Connecticut-based biotechnology company, regarding a potential acquisition of iOx Therapeutics. Under the proposed agreement, Immunova would acquire the entire share capital of iOx, a wholly owned subsidiary of Portage that develops liposomal iNKT agonists. iOx's lead candidate, PORT-2, has shown promising preliminary clinical activity.
The transaction aims to advance innovative therapies while creating value for Portage shareholders. The deal remains subject to definitive agreements, closing conditions, and regulatory approvals. Both companies are committed to completing the transaction promptly and will provide updates as needed.
Portage Biotech (NASDAQ: PRTG) ha firmato una Lettera di Intenti (LOI) con Immunova, un'azienda biotecnologica privata con sede nel Connecticut, riguardo a una potenziale acquisizione di iOx Therapeutics. Secondo l'accordo proposto, Immunova acquisirebbe l'intero capitale azionario di iOx, una sussidiaria interamente controllata da Portage che sviluppa agonisti liposomali iNKT. Il candidato principale di iOx, PORT-2, ha mostrato promettente attività clinica preliminare.
La transazione mira a promuovere terapie innovative, creando valore per gli azionisti di Portage. L'accordo è soggetto a contratti definitivi, condizioni di chiusura e approvazioni regolatorie. Entrambe le aziende sono impegnate a completare la transazione tempestivamente e forniranno aggiornamenti secondo necessità.
Portage Biotech (NASDAQ: PRTG) ha firmado una Carta de Intención (LOI) con Immunova, una empresa biotecnológica privada con sede en Connecticut, en relación con una posible adquisición de iOx Therapeutics. Según el acuerdo propuesto, Immunova adquiriría todo el capital social de iOx, una subsidiaria de propiedad total de Portage que desarrolla agonistas liposomales iNKT. El principal candidato de iOx, PORT-2, ha mostrado prometedora actividad clínica preliminar.
La transacción tiene como objetivo avanzar en terapias innovadoras mientras crea valor para los accionistas de Portage. El acuerdo sigue sujeto a contratos definitivos, condiciones de cierre y aprobaciones regulatorias. Ambas empresas están comprometidas a completar la transacción de manera pronta y proporcionarán actualizaciones según sea necesario.
Portage Biotech (NASDAQ: PRTG)는 Immunova, 코네티컷에 본사를 둔 민간 생명공학 회사와 iOx Therapeutics에 대한 잠재적 인수와 관련하여 의향서(LOI)를 체결했습니다. 제안된 계약에 따르면, Immunova는 Portage의 완전 소유 자회사인 iOx의 전체 주식 자본을 인수할 것입니다. iOx의 주요 후보물질인 PORT-2는 유망한 초기 임상 활성을 보였습니다.
이번 거래는 혁신적인 치료법을 발전시키는 동시에 Portage의 주주에게 가치를 창출하는 것을 목표로 합니다. 이 거래는 최종 계약, 클로징 조건 및 규제 승인을 조건으로 합니다. 두 회사는 거래를 신속하게 완료할 것을 약속하며 필요에 따라 업데이트를 제공할 것입니다.
Portage Biotech (NASDAQ: PRTG) a signé une Lettre d'Intention (LOI) avec Immunova, une entreprise de biotechnologie privée basée dans le Connecticut, concernant une acquisition potentielle d'iOx Therapeutics. Selon l'accord proposé, Immunova acquérirait l'intégralité du capital-actions d'iOx, une filiale entièrement détenue par Portage qui développe des agonistes liposomaux iNKT. Le principal candidat d'iOx, PORT-2, a montré une activité clinique préliminaire prometteuse.
La transaction vise à faire avancer des thérapies innovantes tout en créant de la valeur pour les actionnaires de Portage. L'accord reste soumis à des contrats définitifs, des conditions de clôture et des approbations réglementaires. Les deux entreprises s'engagent à finaliser la transaction rapidement et fourniront des mises à jour si nécessaire.
Portage Biotech (NASDAQ: PRTG) hat eine Absichtserklärung (LOI) mit Immunova, einem privaten biotechnologischen Unternehmen mit Sitz in Connecticut, bezüglich einer potenziellen Übernahme von iOx Therapeutics unterzeichnet. Gemäß dem vorgeschlagenen Vertrag würde Immunova das gesamte Aktienkapital von iOx, einer hundertprozentigen Tochtergesellschaft von Portage, die liposomale iNKT-Agonisten entwickelt, erwerben. Der Spitzenkandidat von iOx, PORT-2, hat vielversprechende vorläufige klinische Aktivitäten gezeigt.
Die Transaktion zielt darauf ab, innovative Therapien voranzutreiben und gleichzeitig den Wert für die Aktionäre von Portage zu steigern. Der Deal unterliegt endgültigen Verträgen, Abschlussbedingungen und behördlichen Genehmigungen. Beide Unternehmen sind entschlossen, die Transaktion zügig abzuschließen und werden bei Bedarf Updates bereitstellen.
- Potential monetization of iOx Therapeutics subsidiary asset
- PORT-2 candidate has demonstrated promising preliminary clinical activity
- Strategic alignment with company's goal to unlock shareholder value
- Transaction is still in early stages with only LOI signed
- Deal completion subject to multiple conditions and approvals
Insights
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.
Forward-Looking Statements
All statements in this news release, other than statements of historical facts, including without limitation, statements regarding the Company’s business strategy, plans and objectives of management for future operations and those statements preceded by, followed by or that otherwise include the words “believe,” “expects,” “anticipates,” “intends,” “estimates,” “will,” “may,” “plans,” “potential,” “continues,” or similar expressions or variations on such expressions are forward-looking statements. For example, statements regarding the potential benefits of PORT-2, the Company’s plans to enter into a definitive agreement with Immunova or an affiliate, the potential value of iOx's assets and potential returns to the Company's shareholders, are forward-looking statements. As a result, forward-looking statements are subject to certain risks and uncertainties, including, but are not limited to: the risk that the Company and Immunova may not enter into a definitive agreement or consummate a sale of iOx, the risk that any such definitive agreement may not result in returns to the Company’s shareholders and may create distractions or uncertainties that may adversely affect the Company’s operating results, business or investor perceptions, the uncertainty of the Company’s ability to continue as a going concern, the Company’s ability to obtain financing in the future to cover its operational costs and its estimates regarding capital requirements, and other factors set forth in “Item 3 - Key Information-Risk Factors” in the Company’s Annual Report on Form 20-F for the year ended March 31, 2024 and “Business Environment – Risk Factors” in the Company’s Management’s Discussion and Analysis for the Three and Six Months ended September 30, 2024 filed as Exhibit 99.2 to the Company’s Form 6-K. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, undue reliance should not be placed on them as actual results may differ materially from these forward-looking statements. The forward-looking statements contained in this news release are made as of the date hereof, and the Company undertakes no obligation to update publicly or revise any forward-looking statements or information, except as required by law.
FOR MORE INFORMATION, PLEASE CONTACT:
Portage Biotech:
Alexander Pickett
Chief Executive Officer
ir@portagebiotech.com
Immunova, LLC:
Brian Horsburgh
CEO
203 716 6369
info@immunova.net
FAQ
What are the terms of Portage Biotech's LOI with Immunova for iOx Therapeutics?
What is the status of PORT-2, iOx Therapeutics' lead candidate?
What conditions need to be met for the Portage-Immunova deal to close?
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