FastForward Innovations Ltd (LON:FFWD) revealed that its portfolio firm, Portage Biotech Inc (CSE:PBT.U) (OTCMKTS:PTGEF), has made an additional investment in cancer immunotherapy firm Stimunity.
The AIM-listed investment firm said Portage has invested €900,000 into Stimunity after the firm reached a “major milestone” in its preclinical development plan, adding that the additional funds will allow it to start manufacturing its biologic cGAMP-VLP (STI-001) lead compound.
READ: FastForward Innovations portfolio company says cancer therapy developer meets milestone
Stimunity’s treatments focus on stimulator of interferon genes (STING) agonists, which can help stimulate immune system responses against cancer tumours.
"We knew since the beginning of the company that STING-activating cGAMP Virus-Like Particle (cGAMP-VLP) technology has a unique property enabling its payload to preferentially target immune cells, which is different from other chemical STING approaches”, Nicolas Manel, co-founder and scientific advisor of Portage said in a statement.
“This has an impact on the stimulation of the immune system and the quality of the anti-tumoral response. We have determined that this targeting mechanism is able to deliver the cGAMP via systemic route of administration and that it leads to induction of systemic anti-tumor T-cell response", he added.
Shares in FastForward, which owns a 1.18% interest in Portage, rose 2.4% to 6.5p in mid-morning trading on Tuesday.