Portage Biotech invests in Oxford University spin-out

8 March 2018

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.

This article is accessible to registered users, to continue reading please register for free. A free trial will give you access to exclusive features, interviews, round-ups and commentary from the sharpest minds in the pharmaceutical and biotechnology space for a week. If you are already a registered user please login. If your trial has come to an end, you can subscribe here.

Try before you buy

Free

7 day trial access

Take a Free Trial

All the news that moves the needle in pharma and biotech
Exclusive features, podcasts, interviews, data analyses and commentary from our global network of life sciences reporters.
Receive The Pharma Letter daily news bulletin, free forever.

Become a subscriber

£820

Or £77 per month

Subscribe Now

Unfettered access to industry-leading news, commentary and analysis in pharma and biotech.
Updates from clinical trials, conferences, M&A, licensing, financing, regulation, patents & legal, executive appointments, commercial strategy and financial results.
Daily roundup of key events in pharma and biotech.
Monthly in-depth briefings on Boardroom appointments and M&A news.
Choose from a cost-effective annual package or a flexible monthly subscription

The Pharma Letter is an extremely useful and valuable Life Sciences service that brings together a daily update on performance people and products. It’s part of the key information for keeping me informed

Chairman, Sanofi Aventis UK