Portola Pharmaceuticals Raises $89M in Funding

Portola Pharmaceuticals, a South San Francisco, CA-based company that discovers and develops innovative therapeutics for cardiovascular and autoimmune/inflammatory diseases has raised $89m in financing.

Backers included existing investors who were joined by Temasek, an Asia investment company, and Eastern Capital Limited.

The company intends to use the proceeds to advance betrixaban, a once-daily, oral Factor Xa inhibitor, through Phase 3 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 3 betrixaban program to prevent venous thromboembolism (VTE) in acute medically ill patients in the first half of 2012.

Led by CEO William Lis, the company recently signed a global collaboration with Biogen Idec for an oral Syk inhibitor program targeting autoimmune and inflammatory diseases, including rheumatoid arthritis and systemic lupus erythematosus.
Under the terms of the agreement, Biogen Idec is providing Portola with an upfront payment of $45m, which includes $36m in cash and $9m in equity.



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