TORONTO, Nov. 1, 2016 /PRNewswire/ - Portage Biotech Inc. ("Portage" or "the Company") (OTC: PTGEF, Canadian Securities Exchange: PBT.U), is pleased to announce that Biohaven Pharmaceutical Holding Company Ltd. ("Biohaven"), wherein Portage has significant investment has successfully completed a private financing of $80 million from third parties. This financing will enable Biohaven to initiate phase 2/3 studies in last quarter of 2016 and in 2017 and develop late stage clinical pipeline and advance new therapies into clinical trials. Further details can be found in a press release issued today by Biohaven - see http://finance.yahoo.com/news/biohaven-secures-80-million-oversubscribed-070000683.html Biohaven and Portage are contractually bound by the lead investor and the pharmaceutical companies that have invested to not disclose the terms of the financing. Gregory Bailey, Chairman of Portage commented, "This financing is transformative for Biohaven as it transitions into a biotech company with late stage assets. Contractual obligations prevent Biohaven and Portage from giving the full details of this financing and an update on Biohaven. We look forward to Biohaven moving to the public markets when it will give the most accurate picture of the value of this investment." Kam Shah, CFO of Portage added, "We are extremely pleased to report that Biohaven is now funded through its next major milestones. It has been exciting to see the amount and strength of the Institutional investors' interest in Biohaven." About Portage: Portage is engaged in the discovery and development of pharmaceutical and biotech products through clinical "proof of concept" with a focus on areas of unmet clinical need. Following proof of concept, Portage will seek to sell or license these products to large pharmaceutical or biotechnology companies for further development and commercialization. Portage is seeking discovery and co-development partners with expertise in areas such as cancer, infectious disease, neurology and psychiatry to develop and commercialize its therapies. Portage has an interest in novel targeted therapies, stem cell therapies, and new indications for older marketed products that have been found to have novel patentable characteristics that bring new value to patients.