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Portola Pharmaceuticals Inc Announces Proposed Offering of Common Stock


Wednesday, 16 Oct 2013 06:56am EDT 

Portola Pharmaceuticals Inc announced that it has commenced an underwritten public offering of shares of its common stock and expects to raise aggregate proceeds of approximately $100 million. The offering is also expected to include shares from certain existing stockholders. Portola will not receive any proceeds from the sale of shares by the selling stockholders.Portola intends to use the net proceeds from this offering, along with its other capital resources, to continue to advance its three lead assets independently to key milestones. Specifically, net proceeds from this offering will be used to fund BLA-enabling registration studies and related manufacturing to support the pursuit of an accelerated approval process for Andexanet alfa (PRT4445*), as well as the expansion of the Phase 1/2 proof-of-concept study of PRT2070 in additional types of hematologic cancers. The balance will be used for other research and development activities, such as the ongoing Phase 3 Betrixaban study, working capital, capital expenditures and general corporate purposes. Morgan Stanley and Credit Suisse are acting as the joint book-running managers for the offering. Cowen and Company, Sanford C. Bernstein, and William Blair are acting as co-managers.