Portola Pharmaceuticals, Inc.
) announced the pricing of its public offering of common stock.
The company is looking to issue 6,366,513 shares of its common
stock at $23.75 per share.
The underwriters have been granted an option to purchase an
additional 954,976 shares, with a 30-day window. The offering is
expected to be completed on Oct 22, 2013.
Portola intends to use the funds for further development of
its three lead candidates, Betrixaban, PRT2070 and Andexanet alfa
We note that Portola has been putting in substantial efforts
to develop its pipeline. In Oct 2013, the company announced
encouraging data from a phase II proof-of-concept study on
Andexanet alfa, a Factor Xa inhibitor. The candidate aims to
reverse the Factor Xa inhibitor's anticoagulant activity in
patients suffering from uncontrolled bleeding or undergoing
Results from the study showed that the use of intravenous
PRT4445 420 mg bolus dose resulted in around 92% reversal of the
anticoagulant activity of
Bristol-Myers Squibb Company / Pfizer Inc.
) / (
) Eliquis in two minutes. At the conclusion of a two-hour
infusion, PRT4445 resulted in around 91% reversal of the
anticoagulant activity of Eliquis. No serious side effects or
premature termination of the treatment with PRT4445 has been
observed so far in the ongoing safety follow-up of this
We remind investors that in Nov 2012, Portola entered into an
agreement with Bristol-Myers Squibb and Pfizer to evaluate
PRT4445 in combination with Eliquis.
In Oct 2013, the company announced that it has started a phase
I/II proof-of-concept study on its oral dual spleen tyrosine
kinase and janus kinase inhibitor candidate, PRT2070.
PRT2070 is being evaluated for treating patients suffering
from genetically-defined hematologic cancers and patients who
have not responded to prior therapy due to relapse or acquired
mutations. Furthermore, Betrixaban is being evaluated as a
preventive treatment for venous thromboembolism (a type of
thrombosis) in acute medically ill patients for up to 35
Portola at present carries a Zacks Rank #3 (Hold). Companies
that currently look well positioned include
) with a Zacks Rank #1 (Strong Buy).
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