Portola Pharmaceuticals has secured $89m in preferred stock financing to advance its Phase III clinical programme of betrixaban, a once-daily, oral Factor Xa inhibitor.
The funds will also be used to develop PRT064445, a recombinant Factor Xa inhibitor antidote.
The company is planning to commence a Phase III programme in the first half of 2012to trial betrixaban as a way of preventing venous thromboembolism in acutely ill patients.
In collaboration with Biogen Idec, Portola will develop PRT062607, an oral Syk-specific kinase inhibitor in thrombosis.
Biogen Idec will provide Portola with an upfront payment of $45m, which includes $36m in cash and $9m in Portola equity.