Date: Apr 15, 2013 Author: Kristin Jones Source: MarketWatch (
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Portola Pharmaceuticals has filed plans to raise up to $150 million through an initial public offering.
The biopharmaceutical company focuses on developing treatments for blood disorders including thrombosis--when a blood clot forms inside a blood vessel. Portola intends to use the proceeds from the IPO to fund its study and development of its lead compound Betrixaban and other drug candidates.
Betrixaban is being developed as a preventive treatment for venous thromboembolism in acutely ill patients.
The company in 2012 reported a profit of $11.4 million, down 43% from the previous year as collaboration and license revenue decreased.
The last two years' profit was largely due to the recognition of deferred revenue after the end of two of the company's collaboration agreements, with Merck & Co. MRK +0.68% and Novartis AG (NVS, NOVN.VX). Portola doesn't yet have any products approved for sale.
The company plans to list on the Nasdaq Global Market under the symbol "PTLA."