FastForward Innovations Ltd’s (LON:FFWD) portfolio firm, Portage Biotech Inc, has increased its subscription in UK-based immune-oncology firm iOx Therapeutics.

Portage, in which FastForward holds a 1.18% stake, said it will invest US$950,000 in iOx by subscribing to an unsecured, convertible loan instrument, the proceeds of which will be used to fund the start of human studies later this year.

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The subscription will increase Portage’s subscription to iOx’s convertible loan to US$2.9mln from US$1.9mln previously.

“We are looking forward to iOx achieving a major milestone and begin to collect safety data in cancer patients”, said Portage chairman Greg Bailey.

In a corporate update, Portage also said that it the Ontario Securities Commission (OSC) had begun its review of the company’s revocation application against a cease trade order issued in August last year.

A cease trade order prohibits trading in securities of a company by the people or companies identified in the order for a specified period.

The company said the OSC had issued an initial set of comments, a response to which was currently being prepared and would be submitted shortly.

Portage added that it had every intention of completing the OSC’s review process “in a timely manner”.

In mid-afternoon trading on Friday, FastForward’s shares were 0.6% higher at 8p.