Portola secures financing for Phase III betrixaban study

24th November 2011 (Last Updated November 24th, 2011 03:30)

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.

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.