Portage Biotech and Immunova Plan To Acquire iOx Therapeutics Advancing Immuno-Oncology Innovations

Portage Biotech, Inc., a clinical-stage immuno-oncology company specializing in innovative multi-targeted therapies, has announced the signing of a Letter of Intent (LOI) with Immunova, LLC, a privately-held biotechnology company based in Connecticut. According to the LOI, Portage and Immunova plan to finalize an option agreement allowing Immunova or its affiliate to acquire the entire share capital of iOx Therapeutics, Ltd, a wholly owned subsidiary of Portage.

Alex Pickett, CEO of Portage Biotech, commented on the partnership, “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.”

iOx Therapeutics focuses on the development of liposomal iNKT agonists, with its lead candidate, PORT-2, showing encouraging preliminary clinical results. The completion of this transaction will depend on the negotiation and signing of definitive agreements, as well as the fulfilment of customary closing conditions and regulatory approvals. Both companies are dedicated to advancing the process efficiently and will provide updates as needed.

Brian Horsburgh, PhD, CEO of Immunova, said in a statement, “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.”