(Alliance News) - FastForward Innovations Ltd on Thursday said it has sold its entire stake in Intensity Therapeutics Inc for USD1.3 million in shares.
The USD1.3 million price for the 2.0% stake equates to a 93% return on investment and the interest was sold to Canadian Securities Exchange-listed Portage Biotech Inc for the consideration of 13.0 million new Portage shares at a price of USD0.10 per share.
FastForward Chief Executive Lorn Abony said: "Intensity represented a strategic investment for the company; I am delighted that we were able to make an excellent return on it, demonstrating that our investment strategy can generate significant value for us.
"Selling Intensity in exchange for shares in Portage represents a strategic spreading of risk by virtue of exposure to a portfolio of interests in other pharmaceutical companies held by them, whilst maintaining an exposure to Intensity through Portage's ongoing 8.9% interest in it. Portage has a proven track record in the development of its portfolio companies and its management team has significant experience in the biopharma field," Abony added.
Shares in FastForward closed down 1.1% at 9.54 pence on Thursday.