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Portola Pharmaceutials secures $89 million in financing

Monday, November 21, 2011 03:58 PM

Portola Pharmaceuticals has raised $89 million in a preferred stock financing. The financing round included existing investors who were joined by Temasek, an Asia investment company, and Eastern Capital Limited. Proceeds will be used primarily to advance betrixaban, a once-daily, oral Factor Xa inhibitor, through phase III clinical development and to advance development of its companion product, PRT064445, a recombinant Factor Xa inhibitor antidote designed to reverse anticoagulant activity in patients treated with Factor Xa inhibitors suffering major bleeds or requiring surgery. Portola plans to initiate a phase III betrixaban program to prevent venous thromboembolism (VTE) in acute medically ill patients in the first half of 2012.

"With the capital raised, Portola can independently complete a pivotal phase III betrixaban trial with the potential for it to be the first oral Factor Xa inhibitor to the market for both hospital and post-discharge prevention of pulmonary embolism in acute medically ill patients," said William Lis, chief executive officer of Portola.

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