On May 5, 2020 Portage Biotech Inc. ("Portage" or the "Company") reported an update on a subsidiary company, Saugatuck Therapeutics Ltd. ("Saugatuck") (Press release, Portage Biotech, MAY 5, 2020, View Source [SID1234557014]). Portage Biotech Inc. holds an 70% equity interest in Saugatuck.

Schedule your 30 min Free 1stOncology Demo!
Discover why more than 1,500 members use 1stOncology™ to excel in:

Early/Late Stage Pipeline Development - Target Scouting - Clinical Biomarkers - Indication Selection & Expansion - BD&L Contacts - Conference Reports - Combinatorial Drug Settings - Companion Diagnostics - Drug Repositioning - First-in-class Analysis - Competitive Analysis - Deals & Licensing

                  Schedule Your 30 min Free Demo!

Portage is pleased to announce that initial proof of concept of the nanolipogel ("NLG") formulation has been achieved with the initial investment. This has triggered the next tranche of capital infusion of $700,000 USD. Saugatuck has been able to formulate a proprietary PD1 aptamer in the NLG formulation and have shown the formulation properly modulates PD1 signaling. In non clinical in vivo experiments, the NLG-PD1 performed favorably compared to a mouse PD1 antibody. The additional founding will support exploration of multiple PD1 based co-formulations with small molecules and other DNA aptamers.

Separately, this work has triggered a license from D5 pharma to create additional proprietary DNA aptamers for immune-oncology targets. This license sits in another Portage company, Oncomer. Oncomer supplies Saugatuck with aptamers to be formulated in the NLG platform.

Dr. Ian Walters, CEO of Saugatuck and Portage commented" Most cancers are treated with multiple agents. Our co-formulation platform leverages the ability to modulate several pathways in a single product and direct its distribution to tumors. I am excited to begin testing our next wave of combinations in animal models and prioritizing our first clinical candidate."