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.
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.