TIDMFFWD
RNS Number : 3694G
FastForward Innovations Limited
17 March 2020
FastForward Innovations Ltd / AIM: FFWD / Sector: Closed End
Investments
17 March 2020
FastForward Innovations Ltd
("FastForward", "FFWD" or the "Company")
Investee Company Update: Portage Biotech Inc.
FastForward Innovations Ltd, the AIM quoted company focusing on
making investments in fast growing and industry leading businesses,
notes the following announcement released on 13 March 2020
concerning investee company Portage Biotech Inc. (" Portage").
FastForward has a 1.18% interest in the issued stock of Portage,
which, b ased on yesterday's closing price on the US OTC of $0.11,
is worth c.$1.4m.
The announcement is set out below without material changes or
adjustments.
Portage Biotech Inc.
('Portage' or the 'Group')
Filing of 3rd Quarter Financial Statements & Update on CTO
Revocation Application and OTC Trading
Toronto, Ontario, March 13, 2020 - Portage Biotech Inc. (PBT.U,
OTC Markets: PTGEF) ("Portage" or the "Company") is pleased to
announce that it has filed its third quarter financial statements
and accompanying management and discussion. These documents are
available on SEDAR and on the Company's website:
www.portagebiotech.com .
Highlights of this quarter include:
-- October 2019, Intensity therapeutics announced the dosing of
its first patient with a combination of its drug INT230-6 and
Merck's Ketruda. This is part of a clinical trial collaboration
agreement with Merck to study this combination
-- October 2019, Sentien CEO Brian Miller presented Phase 1b
clinical data of SBI-101 in acute renal injury at the 2019 Cell and
Gene Meeting
-- November 2019, Intensity announced that its experimental
product, INT230-6 induced prolonged stable disease with abscopal
effects and immune responses in multiple solid tumors. This data
was selected for an oral presentation at the 34th annual Society
for the Immunotherapy of Cancer (SITC) meeting.
-- In the period, further progress on preclinical work and
progress made in furthering projects from the other subsidiary's
towards the clinic.
The Company also wishes to provide an update on the status of
its application (the "Revocation Application") to the Ontario
Securities Commission (the "OSC") to revoke an outstanding cease
trade order issued on August 2, 2019 (the "CTO").
The Company has resolved almost all comments from the OSC except
for one: during the review process, the Company was informed by the
OSC that it would be required to file a business acquisition report
(BAR) under National Instrument 51-102 Continuous Disclosure
Obligations in connection with its acquisition of SalvaRx Limited.
Although there is already substantial public disclosure in respect
of the acquisition available on SEDAR and the Company's website,
the presentation of financial information in respect of SalvaRx
Limited was not in a format in compliance with the BAR
requirements. The Company is in the process of compiling the
relevant financial records for the creation of a proper BAR and is
hopeful it will be able to resolve this issue in the very near
future.
As indicated in the Company's news release of January 30, 2020,
the relief being sought under the Revocation Application is
discretionary and, as such, no firm estimate can be provided as to
when a revocation order will be issued by the OSC. The Company is
confident, however, that a revocation order will be issued, and,
upon issuance, it is expected that the Company's common shares will
resume trading on CSE almost immediately thereafter.
In the interim, shareholders and investors are reminded that,
although trading in the shares of the Company may not currently be
effected through CSE, trading is permitted on OTC Markets in the
United States as follows:
(a) Under the terms of the CTO, Canadian shareholders may trade
the shares of the Company on OTC Markets in the United States
provided they use the services of a registered dealer in Canada
with access to OTC Markets;
(b) US shareholders may trade through OTC markets using the
services of any dealer in the United States; and
(c) Other foreign shareholders, such as those in the United
Kingdom, may trade through the services of any dealer (other than
Canadian) with access to OTC Markets.
Each dealer will have their own internal rules regarding the
ability of shareholders and investors to trade the Company's shares
on OTC Markets. It is the individual responsibility of each
shareholder or investor to satisfy these rules before they may
trade.
The common shares of the Company trade on OTC Markets under the
symbol "PTGEF".
At the time the revocation order is issued, the Company will
announce a date for an annual meeting of shareholders at which the
Company will bring shareholders and investors up to date on the
current operations of the Company and its future plans. The Company
wishes to thank shareholders for their continued patience while the
Revocation Application is processed.
*** ENDS***
Cautionary Statement
The AIM Market of London Stock Exchange plc does not accept
responsibility for the adequacy or accuracy of this release. No
stock exchange, securities commission or other regulatory authority
has approved or disapproved the information contained herein. All
statements, other than statements of historical fact, in this news
release are forward-looking statements that involve various risks
and uncertainties, including, without limitation, statements
regarding potential values, the future plans and objectives of
FastForward Innovations Ltd. There can be no assurance that such
statements will prove to be accurate, achievable or recognizable in
the near term.
Actual results and future events could differ materially from
those anticipated in such statements. These and all subsequent
written and oral forward-looking statements are based on the
estimates and opinions of management on the dates they are made and
are expressly qualified in their entirety by this notice.
FastForward Innovations assumes no obligation to update
forward-looking statements should circumstances or management's
estimates or opinions change.
For further information on the Company please visit www.fstfwd.co or contact:
Ed McDermott / Lance FastForward Innovations Email: info@fstfwd.co
de Jersey Ltd
James Biddle / Roland Beaumont Cornish Limited, Tel: +44 (0) 207 628
Cornish Nomad 3396
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Graham Dickson Optiva Securities Limited, Tel: +44 (0) 203 411
Broker 1881
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Isabel de Salis / Beth St Brides Partners Tel: +44 (0)20 7236
Melluish Ltd, 1177
Financial PR
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Notes
FastForward innovations is an AIM quoted investment company
focused primarily on disruptive high growth life sciences and
technology businesses particularly within the medical cannabis
arena. The Company's strategy is to identify early stage
opportunities that have an upcoming investment catalyst and grow
its portfolio in terms of value whilst limiting the number of
investee companies to a level where relevant time can be devoted to
each.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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