SOUTH SAN FRANCISCO, Calif., Nov. 8 /PRNewswire/ -- Portola Pharmaceuticals, Inc., a privately held biotechnology company focused on developing novel cardiovascular therapies, today announced today it raised $46.0 million in its Series B financing. The syndicate was led by Advanced Technology Ventures (ATV). Also participating in the round were Alta Partners and all of Portola’s previous major investors including: Abingworth Management, Frazier Healthcare Ventures, MPM Capital, Prospect Ventures, and Sutter Hill Ventures. In connection with the financing, Jean George of ATV and Farah Champsi of Alta Partners will be joining the board of directors.
“This round of financing punctuates a number of significant milestones for the company. We are rapidly and cost-effectively moving our promising anti- thrombotic programs from the research lab and through the clinic enabling us to take our company to the next level,” said Charles Homcy, M.D., president and chief executive officer of Portola. “Specifically, the Series B funds will advance our lead program, an oral Factor Xa inhibitor, into phase II clinical trials in 2006, and bring our ADP receptor antagonist program, aimed at the $7 billion anti-platelet market, into the clinic. We appreciate the continued support of our existing investors and welcome the addition of our new investors, ATV and Alta Partners.”
“We believe Portola has the ability to develop the industry’s leading anti-thrombotic franchise, addressing the multi-billion dollar cardiovascular disease market,” said Jean George, general partner at ATV. “Portola has an outstanding management and scientific team with a proven development track record in cardiovascular disease. The company has a robust pipeline with differentiated clinical-stage compounds and a research and development platform that promises to continue to fill the pipeline. In short, Portola represents an exceptional investment opportunity.”
Portola is applying its extensive expertise in platelet biology, thrombosis and platelet-mediated inflammation to develop safer and more efficacious acute and chronic drugs for indications where current therapies are unavailable or inadequate. Portola’s portfolio includes three development programs: an oral Factor Xa inhibitor for the prevention and treatment of venous and arterial blood clots, an ADP receptor antagonist program in oral and intravenous formulations, for both acute and chronic use, in acute coronary syndrome (ACS), and a third program which inhibits platelet adhesion to artery walls, which is in preclinical development for a broad range of vascular disorders, including atherosclerosis.
About Portola Pharmaceuticals, Inc.
Portola is a privately held company dedicated to the discovery, development and commercialization of innovative therapeutics for the prevention and treatment of cardiovascular disease.
About Advanced Technology Ventures
Founded in 1979, Advanced Technology Ventures (ATV) is a bi-coastal venture capital firm with more than $1.4 billion in capital under management. ATV works closely with entrepreneurial teams in several technology markets, including communications, IT infrastructure, software and services, and healthcare technologies, to build emerging-growth business ventures into market leaders. With more than 25 years of experience, ATV has a proven track record of success in helping to build strong, sustainable business enterprises. For more information, please visit ATV’s Web site at www.atvcapital.com.
About Alta Partners
Alta Partners was founded in 1996 by four of the senior partners of Burr, Egan, Deleage & Co. (BEDCO), a pioneering venture capital firm formed in 1979 that focused on early-stage investing in life sciences, information technology and communications. Alta Partners currently manages seven funds aggregating approximately $1.5 billion in committed capital. Since its founding in 1996, Alta has been one of the most active life science investors funding over one hundred companies across the continuum from company formation to later-stage opportunities. www.altapartners.com
Source: Portola Pharmaceuticals, Inc.
