Portola Announces Closing of Initial Public Offering and Over-Allotment Option Exercise

Portola Announces Closing of Initial Public Offering and Over-Allotment Option 
SOUTH SAN FRANCISCO, CA -- (Marketwired) -- 05/28/13 --  Portola
Pharmaceuticals, Inc. (NASDAQ: PTLA) announced today the closing of
its initial public offering of 9,686,171 shares of its common stock
at a price to the public of $14.50 per share. All of the 9,686,171
shares are being offered by Portola and include 1,263,413 shares
issued pursuant to the over-allotment option granted to the
underwriters, which was exercised in full.  
Morgan Stanley and Credit Suisse acted as the joint book-running
managers for the offering. Cowen and Company, William Blair and
Sanford C. Bernstein acted as co-managers. Copies of the prospectus
relating to this offering may be obtained from the offices of Morgan
Stanley & Co. LLC, Attention: Prospectus Department, 180 Varick
Street, 2nd Floor, New York, New York 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.  
A registration statement relating to these securities has been filed
with, and was declared effective by, the Securities and Exchange
Commission on May 21, 2013. 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 is a biopharmaceutical company focused on the development and
commercialization of novel therapeutics in the areas of thrombosis,
other hematologic disorders and inflammation for patients who
currently have limited or no approved treatment options. Portola's
current development-stage portfolio consists of three compounds
discovered through its internal research efforts and one discovered
by Portola scientists during their time at a prior company.  
Portola's two lead programs address significant unmet medical needs
in the area of thrombosis, or blood clots. Portola's lead compound,
betrixaban, is a novel oral once-daily inhibitor of Factor Xa in
Phase 3 development for extended duration prophylaxis, or preventive
treatment, of a form of thrombosis known as venous thromboembolism,
or VTE, in acute medically ill patients. Currently, there is no
anticoagulant approved for extended duration VTE prophylaxis in this
Portola's second lead development candidate, PRT4445, is a
recombinant protein designed to reverse the anticoagulant activity in
patients treated with a Factor Xa inhibitor who suffer an
uncontrolled bleeding episode or undergo emergency surgery. Portola
has entered into a collaboration agreement with Bristol-Myers Squibb
Company and Pfizer Inc. and a collaboration agreement with Bayer
Pharma AG and Janssen Pharmaceuticals, Inc. to study PRT4445 with
Eliquis(R) and XARELTO(R), respectively, in Portola's Phase 2
studies. Portola retains full, worldwide commercial rights with
respect to PRT4445.  
Portola's third product candidate, PRT2070, is an orally available
kinase inhibitor being developed for hematologic, or blood, cancers
and inflammatory disorders. PRT2070 inhibits spleen tyrosine kinase,
or Syk, and janus kinases, or JAK, enzymes that regulate important
signaling pathways. Subject to regulatory approval, Portola plans to
initiate a Phase 1/2 clinical study of PRT2070 in 2013 in patients
with B-cell hematologic cancers who have failed or relapsed on
existing marketed therapies or products in development, including
patients with identified mutations. Portola's fourth program, PRT2607
and other highly selective Syk inhibitors, is partnered with Biogen
Idec Inc.  
Mardi Dier
Portola Pharmaceuticals 
Paul Laland
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