Portola Pharmaceuticals, Inc. Announces Completion of $70 Million Series C Financing

Portola to Advance Development of its Two Anti-thrombotic Clinical

Candidates

    SOUTH SAN FRANCISCO, Calif., May 7 /PRNewswire/ -- Portola
 Pharmaceuticals, Inc., a biotechnology company dedicated to the discovery
 and development of novel therapeutics for thrombosis and related
 cardiovascular diseases, announced today that it has raised $70 million in
 a Series C Preferred Stock financing. New investors including Brookside
 Capital, AllianceBernstein LP, Teachers' Private Capital (the private
 investment arm of Ontario Teachers' Pension Plan), Goldman Sachs, T. Rowe
 Price, IBTM and CIDC participated in the round, joined by existing
 investors Abingworth, Alta Partners, Advanced Technology Ventures, Frazier
 Healthcare, MPM Capital, Prospect Ventures and Sutter Hill Ventures.
     "Our new investors have a history of investment in strong, innovative
 biotechnology companies, and their participation furthers our mission to
 bring important cardiovascular drugs to the market," said Charles Homcy
 M.D., President and Chief Executive Officer of Portola. "We are delighted
 to add these institutions to our investor base."
     Portola plans to use the proceeds to advance the development of its two
 clinical candidates: PRT054021, an oral Factor Xa inhibitor, and PRT060128,
 an IV and oral ADP receptor antagonist, both of which are directed at
 validated targets (targets for which there is a drug on the market). Based
 on the recently announced positive data from a Phase II study of PRT054021,
 Portola plans to advance the program into further clinical trials. Portola
 has completed its Phase I clinical studies for both the IV and oral
 formulations of its second clinical program, PRT060128, and is currently
 planning its Phase II program which will begin in the second half of 2007.
     About Portola Pharmaceuticals, Inc.
     Portola Pharmaceuticals, Inc. is a privately-held biopharmaceutical
 company dedicated to the discovery, development and commercialization of
 novel therapeutics for acute and chronic cardiovascular and vascular
 disease. Portola is currently developing two clinical stage
 antithrombotics. Portola's lead compound, PRT054021, is an oral Factor Xa
 inhibitor that has completed a Phase II clinical trial for the prevention
 of venous thromboembolism after orthopedic surgery. Portola also plans on
 developing PRT054021 for stroke prevention in patients with atrial
 fibrillation and for secondary prevention of myocardial infarction (MI) and
 stroke. Portola's second compound, PRT060128, is an oral and intravenous
 ADP receptor antagonist in Phase I clinical trials. Portola plans on
 developing PRT060128 for patients with acute coronary syndrome, for the
 prevention of cardiovascular events in patients undergoing percutaneous
 coronary intervention and for secondary prevention of MI and stroke.
     For additional information about Portola and its development pipeline,
 visit http://www.portola.com.
 
 

SOURCE Portola Pharmaceuticals, Inc.