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Portola Completes $60 Million Financing to Advance Its Therapeutic Programs
Date:7/9/2008

SOUTH SAN FRANCISCO, Calif., July 9 /PRNewswire/ -- Portola Pharmaceuticals, Inc., a privately-held biotechnology company focused on the discovery and development of novel therapeutics for cardiovascular and inflammatory diseases, announced today that is has raised $60 million in a preferred stock financing. Proceeds will be used primarily to advance Portola's two lead antithrombotic clinical candidates, betrixaban and PRT060128, which the company is developing as best-in-class compounds to replace existing standards of care. In addition, funds will be used to develop the company's pre-clinical pipeline including its novel Factor Xa inhibitor antidote, which has the potential to expand the use of anticoagulants. New investors, including D.E. Shaw group, Adage Capital Management, BBT Capital Management/Apothecary Capital, Janus Capital Group and PAC-LINK BioVentures, joined the company's existing investors to complete the round.

"Raising funds from this outstanding group of investors in this challenging market validates the potential value of our novel product candidates for thrombosis, one of the world's largest markets," said Charles Homcy, M.D., president and chief executive officer of Portola. "These funds will also help us advance a novel Factor Xa inhibitor antidote and our Syk and JAK inhibitor program, which further diversify the company's pipeline and may offer opportunities for accelerated product development."

Two Clinical Candidates Address Global Thrombosis Market

Portola is advancing two differentiated drug candidates that address the global, multi-billion dollar antithrombotic market where existing drugs, such as enoxaparin (Lovenox(R)), clopidogrel (Plavix(R)) and warfarin (Coumadin(R)), have well known limitations.

Betrixaban, the company's first Phase 2 drug candidate, is an oral Factor Xa inhibitor. Factor Xa is a validated target for which there are approved drugs on the market, and inhibiting its activity is bel
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SOURCE Portola Pharmaceuticals, Inc.
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