10-16-13 6:56 AM EDT | Email Article

SOUTH SAN FRANCISCO, Calif., Oct. 16, 2013 (GLOBE NEWSWIRE) -- 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

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GlobeNewswire, Inc. 2013
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