FastForward Innovations Limited (LON:FFWD) has announced that a portfolio company of its investee company Portage Biotech has entered clinical trials for its lead candidate to treat solid cancer tumours.
The group noted that Portage Biotech - in which FastForward holds 1.18% stake - said that Intensity Therapeutics will evaluate the safety and efficacy of INT230-6 when dosed in combination with Yervoy, a treatment developed by its partner Bristol-Myers Squibb Co (NYSE:BMY).
READ: FastForward Innovations updates on progress of portfolio firms
"We are delighted that Intensity has entered into this collaboration agreement with Bristol Myers Squibb Company, a leader in the cancer immunotherapy space,” said FastForward’s chairman Lorne Abony in a statement.
“This follows Intensity's announcement of 30 March 2020, confirming that the safety led portion of its initial patient dosing using a combination of its own INT230-6 drug and Merck's Keytruda as part of a clinical trial collaboration agreement with Merck to kill tumours and increase immune system recognition has been successfully completed,” he added.
FastForward shares were up 10% to 6.85p on Thursday afternoon.
Portage shares to resume trading shortly
FastForward Innovations also noted a separate statement on Thursday from Portage Biotech in which it said the Ontario Securities Commission had revoked its Failure-to-File Cease Trade Order issued against the company on August 2, 2019, effective from April 15.
It noted that, as a result, trading in Portage's common shares on the CSE was expected to resume shortly
The group also noted that Portage also said that the coronavirus (COVID-19) pandemic has resulted in delays for some of its operating companies, however, it is expected that these will be short-lived and when quarantines are lifted, activities will quickly return to normal.
-- Adds second statement on Portage --