3 August 2023 

SEED Innovations Limited

("SEED" or the "Company")

Investee Company Update: Portage Biotech Inc

SEED Innovations Ltd, the AIM-quoted company investment company providing shareholders with exposure to early-stage health, wellness and medical cannabis companies to which, in normal circumstances, they have limited access to, is pleased to note an announcement released on the NASDAQ by its portfolio company, Portage Biotech Inc ('PRTG').

The Company owns 37,623 ordinary shares in Portage representing 0.2% of Portage's issued share capital. This liquid holding is worth c.US$111,744 (c.£87,000) as per Portage's NASDAQ closing price on 1 August 2023.

PRTG announced its financial results for the fiscal year ended 31 March 2023.

Highlights as reported by PRTG

·          PRTG poised to accelerate accrual in all clinical programs as it activates numerous sites across multiple U.S. cities and abroad and takes over sponsorship from the investigator-led programme

·          Updated interim data for lead iNKT engager, PORT-2, presented at the 2023 ASCO Annual Meeting showed early evidence of monotherapy activity with minimal toxicity

·          First patient dosed in Phase 1a trial of PORT-6 (A2AR antagonist) in select solid tumours

·          Entered into a clinical collaboration agreement with Merck for the evaluation of PORT-2, in combination with KEYTRUDA® (pembrolizumab), Merck's anti-PD-1 therapy, for patients with first-line as well as PD-1 refractory NSCLC.

The announcement in full can be accessed from the following link: https://www.globenewswire.com/news-release/2023/07/31/2715300/0/en/Portage-Biotech-Reports-Fiscal-Year-Ended-March-31-2023-Financial-Results-and-Business-Update.html

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For further information on the Company please visit:    www.seedinnovations.co     or contact: 

Notes 

Seed Innovations Ltd 

SEED Innovations is an AIM quoted investment company focused primarily on disruptive high growth life sciences and technology businesses particularly within the medical cannabis arena. The Company's strategy is to identify early-stage opportunities that have an upcoming investment catalyst and grow its portfolio in terms of value whilst limiting the number of investee companies to a level where relevant time can be devoted to each. 

Portage Biotech, Inc

NASDAQ listed Portage is an emerging biotechnology company developing an immunotherapy-focused pipeline to treat a broad range of cancers. Its focus is to combine its own technology with already proven immune-boosting PD1 agents and to this end, Portage has a pipeline of products targeted for clinical testing and a growing roster of notable partnerships.