On June 24, 2021 Portage Biotech Inc. (NASDAQ: PRTG) ("Portage" or the "Company") a clinical-stage immuno-oncology company focused on the development of therapies and treatments targeting cancer treatment resistance, reported that it has priced its previously announced underwritten public offering of 1,000,000 ordinary shares (Press release, Portage Biotech, JUN 24, 2021, View Source [SID1234584322]).

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The public offering price of each ordinary share is $23.00. In addition, Portage has granted the underwriters a 30-day option to purchase up to an additional 150,000 ordinary shares at the public offering price, less underwriting discounts and commissions. This offering is expected to close on or about June 28, 2021, subject to satisfaction of customary closing conditions.

Cantor Fitzgerald & Co. and Oppenheimer & Co. Inc. are acting as book-running managers for the offering. B.Riley Securities, Inc. is acting as the lead manager for the offering. Portage intends to use the gross proceeds of $23,000,000 before deducting underwriting discounts and offering expenses (without giving effect to any exercise of the underwriters’ option to purchase additional ordinary shares, if any), for the acceleration of its PORT-2 and PORT-3 clinical programs, to prepare the next products to enter the clinic, and for working capital and other general corporate purposes. The ordinary shares are offered pursuant to a shelf registration statement on Form F-3 (File No. 333-253468), including a base prospectus, filed by Portage on February 24, 2021 and declared effective by the Securities and Exchange Commission, or the SEC, on March 8, 2021.

The offering will be made only by means of a prospectus. A preliminary prospectus supplement related to the offering was filed with the SEC on June 23, 2021 and is available on the SEC’s website at www.sec.gov. A final prospectus supplement related to the offering will be filed with the SEC and will be available on the SEC’s website. Copies of the final prospectus supplement and the accompanying prospectus relating to the offering may also be obtained from the offices of: Cantor Fitzgerald & Co., Attention: Capital Markets, 499 Park Ave., 4th Floor, New York, New York 10022, or by email at [email protected]; or Oppenheimer & Co. Inc., Attention: Syndicate Prospectus Department, 85 Broad Street, 26th Floor, New York, New York 10004, by telephone at 212-667-8055, or by email at [email protected].

This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction.