FastForward Innovations Ltd (LON:FFWD) has welcomed investee company Portage Biotech publishing its annual financial statements for the fiscal year ended 31 March 2020.

Ed McDermott, FastForward’s chief executive, said: “It is positive to hear that Portage has filed its financial statements ahead of its extension deadline.

“Reassuringly, the statements highlight that the company has a strong cash position, which was bolstered by its recent fundraise of $6.98 million, providing resources for the continued development of its portfolio over the coming 12 months.

“Portage is on target to have three products in clinical testing by the end of this year despite the disruptions as a result of COVID-19, and we look forward to providing further updates as its pipeline of companies continue to advance.”

FastForward has a 1.18% interest in the issued stock of Portage.