PTLA Portola Pharmaceuticals Inc

Portola Pharmaceuticals, Inc. (Nasdaq:PTLA) announced today that Morgan Stanley & Co. LLC and Credit Suisse Securities (USA) LLC, the joint book-running managers in the Company's recent public sale of 9,686,171 shares of common stock, are releasing a lock-up restriction with respect to 95,962 shares of the Company's common stock held by a director of the Company. The release will take effect concurrently with the pricing of the proposed public offering under a registration statement on Form S-1 initially filed by the Company on October 7, 2013, for the purpose of allowing the director to sell those shares in the proposed public offering.

This press release is not an offer for sale of the securities in the United States or in any other jurisdiction where such offer is prohibited, and such securities may not be offered or sold in the United States absent registration or an exemption from registration under the United States Securities Act of 1933, as amended.

CONTACT: Investor Contact:
         Alexandra Santos
         Portola Pharmaceuticals
         ir@portola.com
         650.246.7239
         
         Media Contact:
         Joey Fleury
         BrewLife
         jfleury@brewlife.com
         415.946.1090