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Portage Biotech (CSE: PBT.U) Announes non-brokered private placement

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Portage Biotech, symbol PBT.U on the Canadian Securities Exchange and symbol PTGEF on the OTCBB announced a non-brokered private placement. The offering of up to 35.7 million shares is priced at US$0.14 per share for gross proceeds of up to US$5 million. Two of the company’s directors have agreed to subscribe to $800,000 each

Additional Information:

Company: Portage Biotech
Website: http://portagebiotech.com/
Stock Symbol: CSE: PBT.U
Date Published: May 20, 2015
Transcript: Available

Video Transcript:

I’m Samantha Deutscher for Investmentpitch Media

Portage Biotech, symbol PBT.U on the Canadian Securities Exchange and symbol PTGEF on the OTCBB announced a non-brokered private placement.

The offering of up to 35.7 million shares is priced at US$0.14 per share for gross proceeds of up to US$5 million.

Two of the company’s directors have agreed to subscribe to $800,000 each

Portage is engaged in researching and developing pharmaceutical and biotech products through to clinical "proof of concept" with an initial focus on unmet clinical needs.

Following proof of concept, Portage will look to sell or license the products to large pharmaceutical companies for further development and commercialization.

Portage is seeking discovery and co-development partners in areas such as cancer, infectious disease, neurology and psychiatry developing novel targeted therapies, stem cell therapy and even older marketed products that have been found to have novel patentable characteristics that bring new value to patients.

Portage seeks to work with a wide range of partners, in all phases of development through in-licensing or other types of alliances. The collaboration may include direct funding or investing human capital from our extensive pool of talented scientists and physicians.

The proceeds will be used to fund its development activities, plan new acquisitions to expand its pipeline, and finance clinical activities at Biohaven Pharmaceutical Holding Company, its 54% owned subsidiary.

Biohaven's first drug candidate, BHV-0223, is a reformulated glutamate modulating agent being developed for treatment-resistant mood and anxiety disorders.

Kimberly Gentile, VP of Operations for Biohaven stated:"The necessary work streams to begin our first Phase 1 trial with BHV-0223 are well underway and remain on target for a study start in 3Q2015. Without any unforeseen delays, we anticipate a robust completion of the Phase 1 study that will then enable a fully powered registrational Phase 3 study to begin in early in 2016 with results available at the end of 2016 or first part of 2017."

The shares are currently bid at $0.10, and with 205 million shares outstanding, the company is capitalized at $20.5 million.

For more information on the company, please visit their website www.portagebiotech.com or contact Kam Shah, CFO, 416-929-1806 or email ks@portagebiotech.com.

I’m Samantha Deutscher for Investmentpitch Media
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