Portola Pharmaceuticals (PTLA) Files $115M IPO

April 15, 2013 8:58 AM EDT
On Friday, Portola Pharmaceuticals (NASDAQ: PTLA) filed a $115 million initial public offering with the SEC. The company plans to list its common stock on The NASDAQ Global Market under the trading symbol "PTLA."

The offering is being led by Morgan Stanley and Credit Suisse.

Portola Pharmaceuticals is biopharmaceutical company focused on the development and commercialization of novel therapeutics in the areas of thrombosis, other hematologic disorders and inflammation for patients who currently have limited or no approved treatment options. The company's current development-stage portfolio consists of three compounds discovered through internal research efforts and one discovered by Portola scientists during their time at a prior company.

The company's two lead programs address significant unmet medical needs in the area of thrombosis, or blood clots. Lead compound Betrixaban is a novel oral once-daily inhibitor of Factor Xa in Phase 3 development for extended duration prophylaxis, or preventive treatment, of a form of thrombosis known as venous thromboembolism, or VTE, in acute medically ill patients. Currently, there is no anticoagulant approved for extended duration VTE prophylaxis in this population. Second lead development candidate PRT4445, which has an ongoing Phase 2 proof-of-concept study, is a recombinant protein designed to reverse the anticoagulant activity in patients treated with a Factor Xa inhibitor who suffer an uncontrolled bleeding episode or undergo emergency surgery. Third product candidate, PRT2070, is an orally available kinase inhibitor being developed for hematologic, or blood, cancers and inflammatory disorders. PRT2070 inhibits spleen tyrosine kinase, or Syk, and janus kinases, or JAK, enzymes that regulate important signaling pathways. Subject to regulatory approval, the company plans to initiate a Phase 1/2 clinical study of PRT2070 in 2013 in patients with B-cell hematologic cancers who have failed or relapsed on existing marketed therapies or products in development, including patients with identified mutations. Fourth product candidate, PRT2607, is a highly selective inhibitor of Syk, and is being developed by partner Biogen Idec Inc., or Biogen, for inflammatory disorders.

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