(Alliance News) - FastForward Innovations Ltd on Friday said investee company Portage Biotech Inc has increased its subscription to convertible loan notes issued by iOx Therapeutics to a total of USD2.9 million.
Fastforward's 1.2% owned subsidiary Portage Biotech will invest a further USD950,000 into SalvaRx subsidiary iOx Therapeutics, by subscribing to an unsecured, convertible loan instrument. iOx will use the proceeds to enable the start of human studies for its cancer treatment.
The notes carry a 7% interest rate and will price at a discount to the next round of financing into iOx.
"We are looking forward to iOx achieving a major milestone and begin to collect safety data in cancer patients. This bridge financing will support the iOx team to advance this asset as well as to continue to support the PRECIOUS consortium in Europe who has received Horizon 2020 funding to advance its second drug candidate into the clinic," said Portage Chair Greg Bailey.
In a separate statement, Fastforward said Portage is preparing a response to the comments of the Ontario Securities Commission regarding its application to revoke a cease trade order.
Back in August, the Ontario Securities Commission suspended the trading of Portage shares as the company did not submit its financial statements for the financial year ended March 31, 2019 by the deadline of July 29. Earlier in January, Fastforward said Portage had filed the statements and was in the process of filing an application to revoke the cease trade order.
The investment fund says Portage is now preparing a response to the regulatory body's comments on its application.
Fastforward shares were trading down 2.4% at 7.71 pence each on Monday morning in London.
By Ife Taiwo; ifetaiwo@alliancenews.com
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