Portola Pharmaceuticals Announces Proposed Offering of Common Stock
16 Octobre 2013 - 12:56PM
Portola Pharmaceuticals, Inc. (Nasdaq:PTLA) today 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. This
offering will be made only by means of a prospectus. A copy of the
preliminary prospectus, when available, may be obtained from the
offices of Morgan Stanley & Co. LLC, Attention: Prospectus
Department, 180 Varick Street, 2nd Floor, New York, NY 10014, or by
email at prospectus@morganstanley.com or Credit Suisse Securities
(USA) LLC, Attention: Prospectus Department, One Madison Avenue,
New York, NY 10010, by email at
newyork.prospectus@credit-suisse.com or by toll-free call to (800)
221-1037.
Although a registration statement relating to these securities
has been filed with the U.S. Securities and Exchange Commission, it
has not yet become effective. These securities may not be sold nor
may offers to buy be accepted prior to the time the registration
statement becomes effective.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy, nor shall there be any sale of
these securities in any state or jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such state or
jurisdiction.
About Portola Pharmaceuticals, Inc.
Portola Pharmaceuticals is a biopharmaceutical company focused
on the development and commercialization of novel therapeutics in
the areas of thrombosis, other hematologic disorders and
inflammation. Portola's wholly-owned lead compound, Betrixaban, is
a novel, oral, once-daily Factor Xa inhibitor in Phase 3
development for extended-duration prophylaxis of a form of
thrombosis known as venous thromboembolism (VTE) in acute medically
ill patients. Currently, there is no anticoagulant approved for
extended-duration VTE prophylaxis in this population. Portola's
second lead development candidate, Andexanet alfa (PRT4445*), has
the potential to be the first universal antidote to reverse the
effects of Factor Xa inhibitors in patients who suffer an
uncontrolled bleeding episode or trauma, or who require emergency
surgery. Portola retains full, worldwide commercial rights to
Andexanet alfa. Portola's third product candidate, PRT2070, is an
orally available kinase inhibitor that uniquely inhibits two
validated tumor proliferation pathways -- spleen tyrosine kinase
(Syk) and janus kinase (JAK). It is currently being studied in
patients with genetically-defined hematologic cancers, as well as
for patients who have failed therapy due to relapse or acquired
mutations. Portola's fourth program is partnered with Biogen Idec
and is focused on the development of PRT2607, a selective Syk
inhibitor.
Forward-Looking Statements
Statements contained in this press release
regarding matters that are not historical facts are
"forward-looking statements" within the meaning of the Private
Securities Litigation Reform Act of 1995. Because such statements
are subject to risks and uncertainties, actual results may differ
materially from those expressed or implied by such forward-looking
statements. Such statements include, but are not limited to,
statements regarding the completion of the offering and anticipated
use of proceeds, our plans for future clinical studies, and the
pursuit of an accelerated approval process for Andexanet alfa.
Risks that contribute to the uncertain nature of the
forward-looking statements include uncertainties related to market
conditions and the completion of the public offering on the
anticipated terms or at all; the accuracy of Portola's estimates
regarding its ability to initiate and/or complete its clinical
studies;the success of Portola's clinical studies; regulatory
developments in the United States and foreign countries; and
Portola's ability to attract and retain key scientific or
management personnel. These and other risks and uncertainties are
described more fully in Portola's filings with the Securities and
Exchange Commission, including without limitation its Quarterly
Report on Form 10-Q, which was filed with the Securities and
Exchange Commission on August 14, 2013. All forward-looking
statements contained in this press release speak only as of the
date on which they were made. Portola undertakes no obligation to
update such statements to reflect events that occur or
circumstances that exist after the date on which they were
made.
*PRT4445 has a proposed International
Nonproprietary Name (pINN) of Andexanet alfa.
CONTACT: Investor Contact:
Alexandra Santos
Portola Pharmaceuticals
ir@portola.com
650.246.7239
Media Contact:
Joey Fleury
BrewLife
jfleury@brewlife.com
415.946.1090
Portola Pharmaceuticals (NASDAQ:PTLA)
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