Portage Biotech Enters LOI with Immunova for an Option to Acquire iOx Therapeutics

December 17, 2024

DENVER, Colo., Dec 17, 2024 (247marketnews.com)- Portage Biotech (NASDAQ: PRTG) reported entering into a Letter of Intent (“LOI”) with Immunova, a private Connecticut-based biotechnology company, in which Portage and Immunova agreed to negotiate a definitive option agreement for Immunova to completely acquire iOx Therapeutics, a wholly owned subsidiary of Portage that is focused on developing liposomal iNKT agonists, and its lead candidate, PORT-2, has demonstrated promising preliminary clinical activity.

Alex Pickett, Portage Biotech’s CEO, stated: “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, Immunova’s CEO, added: “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.”

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