(Reuters) - Portola Pharmaceuticals Inc said its experimental drug met the main goal of reversing the effect of an anticoagulant drug in a late-stage study, sending the company’s shares up 11 percent in premarket trading.
Data showed that an intravenous shot of the drug, andexanet alfa, immediately reversed the anticoagulation activity of Xarelto, developed by Johnson & Johnson and Bayer AG, in healthy volunteers aged 50-75 years.
Further data on the study is expected in mid-2015, Portola said on Friday.
The company said in October that the drug reversed the effect of Eliquis, an anti-clotting drug by Bristol-Myers Squibb Co and Pfizer Inc.
Portola said 1-4 percent of patients treated with Factor Xa inhibitors, a class of commonly-prescribed anticoagulants including Eliquis and Xarelto, experience major bleeding or require emergency surgery.
Andexanet alfa, which was given breakthrough therapy status by the U.S. Food and Drug Administration in 2013, is aimed at reversing the anti-clotting action of these medicines in such situations.
Portola’s pipeline also includes an experimental Factor Xa inhibitor and a hematologic cancer drug.
The San Francisco-based company’s shares were trading at $31.50 before the bell on Friday.
Reporting by Natalie Grover in Bengaluru; Editing by Kirti Pandey