Portage Biotech invests in Oxford University spin-out

In a second European cancer financing deal this year, Canada’s Portage Biotech (OTC: PTGEF) says that it has made an investment in iOx Therapeutics, UK-based immuno-oncology company.

Portage will invest $950,000 by subscribing to an unsecured, one-year convertible loan instrument. iOx will use the proceeds to complete the manufacturing of its lead candidate, IMM60, allowing the company to begin testing in humans later this year. The notes carry a 7% interest and will be priced at a discount to the next round of financing into the company.

Founded in February 2015 by Professor Cerundolo, iOx Therapeutics is a spin-out from the University of Oxford started to commercialize discoveries made as part of a long-running collaboration between Oxford and the Ludwig Institute for Cancer Research.