TORONTO, July 31, 2013 /PRNewswire/ - Bontan Corporation Inc. ('the Company")
(OTCBB: BNTNF) ("Bontan") is pleased to announce that its application
to move its jurisdiction to the British Virgin Islands ("BVI") from
Ontario has been approved. The Company will continue as a BVI
corporation under the new name Portage Biotech Inc ("Portage").
The Company continues to have reporting obligations under the Ontario
Securities Act and under the US Securities and Exchange Act as a
foreign reporting issuer. Its securities will continue to trade on the
Over the Counter Bulletin Board of NASDAQ under the existing symbol:
BNTNF. The Company is in the process of applying for a new CUSIP number
and filing the necessary documents with FINRA (Financial Industry
Regulatory Authority) to register its new name, new industry code and
new trading symbol to reflect its new business direction.
As previously announced, on June 4, 2013, the board of directors of
Portage is comprised of Dr. Declan Doogan, Dr. Gregory Bailey, Mr.
James Mellon and Mr. Kam Shah. Dr. Doogan is the new Chief Executive
Officer, Mr. Shah is the Chief Financial Officer and Dr. Bailey is the
Chairman of the Board.
Portage has an operating subsidiary - Portage Pharma Ltd. ("PPL"). PPL
holds an exclusive licence in non-oncology fields under patents granted
in the USA, Australia, Israel and New Zealand and patents applied for
in Japan and Canada. PPL has an exclusive worldwide licence in
non-oncology fields and the know-how relating to the Antennapedia
protein transduction technology developed by Trojantec. Antennapedia
("Antp") is an unusual protein that allows for the delivery of drugs
right into a cell and even into the nucleus which is often the desired
site of action. This protein coupled with a drug may even cross the
blood brain barrier.
Many diseases are due to flawed or deficient gene function or missing
enzymes. Genes may be regulated through the direct delivery of
biologically active molecules using Antp-based products. These products
could restore or normalize gene function or replace missing or
defective protein products. Other diseases have treatment but the drug
cannot get into the nucleus or into the cell where they are needed and
Antp could be a transformative delivery system.