TIDMFFWD
FastForward Innovations Limited
25 August 2020
FastForward Innovations Ltd / AIM: FFWD / Sector: Closed End
Investments
25 August 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,
is pleased to note the following announcement released on 24 August
2020 concerning investee company Portage Biotech Inc. (" Portage").
Portage has published its Annual Financial Statements for the
fiscal year ended 31 March 2020, ahead of the extension deadline
required by the Canadian Securities Administrators. FastForward has
a 1.18% interest in the issued stock of Portage.
Ed McDermott, CEO of FastForward, commented: "It is positive to
hear that Portage has filed its financial statements ahead of its
extension deadline. Reassuringly, the statements highlight that the
company has a strong cash position, which was bolstered by its
recent fundraise of $6.98 million, providing resources for the
continued development of its portfolio over the coming 12 months.
Portage is on target to have three products in clinical testing by
the end of this year despite the disruptions as a result of
COVID-19, and we look forward to providing further updates as its
pipeline of companies continue to advance."
Please use the following link to access the full Annual
Financial Statements: https://bit.ly/2YvZI9f
Please use the following link to access the Management
Discussion and Analysis: https://bit.ly/34s0xnn
The announcement is set out below without material changes or
adjustments.
Portage Biotech Inc.
('Portage' or the 'Group')
Portage Announces Filing of Annual Financial Statements
-- Reflecting significant strengthening of Company's fundamentals
-- Pipeline progressing: anticipate 3 clinical programs by year end
-- Financial resources enable accelerated development and opportunistic value creation
Toronto, Ontario--(Newsfile Corp. - August 24, 2020) - Portage
Biotech Inc. (CSE: PBT.U) (OTC Pink: PTGEF) ("Portage" or the
"Company") announces that the Company has filed its annual
financial statements for the fiscal year ended March 31, 2020,
related management's discussion and analysis and officer
certifications, as required by Parts 4 and 5 of National Instrument
51-102 Continuous Disclosure Obligations (collectively, the "Annual
Filings").
Previously on July 28, 2020, Portage announced that pursuant to
the blanket relief granted by the Canadian Securities
Administrators, it would not file the Annual Filings by the filing
deadline of July 29, 2020.
The Company relied on an exemption set out in Ontario Instrument
51-505: Temporary Exemption from Certain Corporate Finance
Requirements and similar extension periods provided for by the
Canadian Securities Administrators in the other provinces and
territories of Canada which provides blanket relief of a 45-day
extension provided for periodic filings normally required to be
made by issuers during the period from June 2, 2020 to August 31,
2020.
This announcement serves as confirmation that Portage has filed
the Annual Filings before the extension deadline required by the
Canadian Securities Administrators. The Company is now current on
its continuous disclosure.
About Portage Biotech Inc.
Portage is a unique entity in the world of biotechnology,
enabling research and development to produce more clinical programs
and maximize potential returns by eliminating typical overhead
costs associated with many biotechnology companies. We nurture the
creation of early- to mid-stage, first- and best-in- class
therapies for a variety of cancers, by providing funding, strategic
business and clinical counsel, and shared services, to enable
efficient, turnkey execution of commercially-informed development
plans. Our portfolio encompasses nine subsidiary companies whose
products or technologies have established scientific rationales,
including intratumorals, nanoparticles, liposomes, aptamers, cell
penetrating peptides, and virus-like particles. In collaboration
with our subsidiaries, we create viable product development
strategies, to cost-effectively deliver best-in-class R&D,
clinical trial design, and financial and project management, to
ultimately build value and support commercial potential.
Forward-Looking Statements
This press release may include forward-looking information
within the meaning of Canadian securities legislation, concerning
the business and trading in the common stock of Portage Biotech
Inc., the raising of additional capital and the future development
of the businesses comprising Portage's investment portfolio. The
forward-looking information is based on certain key expectations
and assumptions made by the Company's management. Although the
Company believes that the expectations and assumptions on which
such forward-looking information is based are reasonable, undue
reliance should not be placed on the forward-looking information
because Portage can give no assurance that they will prove to be
correct. These forward-looking statements are made as of the date
of this press release and Portage disclaims any intent or
obligation to update publicly any forward-looking information,
whether as a result of new information, future events or results or
otherwise, other than as required by applicable securities
laws.
Neither the Canadian Securities Exchange nor its Market
Regulator (as that term is defined in the policies of the Canadian
Securities Exchange) accepts responsibility for the adequacy or
accuracy of this release. We seek Safe Harbor.
ENDS
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 Tel: +44 (0) 207
Cornish Limited, 628 3396
Nomad
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Graham Dickson Optiva Securities Tel: +44 (0) 203
Limited, 411 1881
Broker
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Susie Geliher / Beth St Brides Partners Tel: +44 (0)207
Melluish Ltd, 236 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.
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END
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