Portola Dives on New Stock Offering

Portola Pharmaceuticals, Inc. (NASDAQ:PTLA) reported a $200-million common stock offering.

The San Francisco-based company also says it expects to grant the underwriters a 30-day option to purchase up to an additional $30 million of its common stock in connection with the offering. All of the shares of common stock in the offering will be sold by Portola Pharmaceuticals.

Goldman Sachs & Co. LLC, Citigroup, Cowen, and William Blair are acting as joint book-running managers. Oppenheimer & Co. Inc. is acting as lead manager for the offering. A registration statement related to the offering has been filed with the Securities and Exchange Commission and became effective on August 7

Last week, Portola announced total revenues for the second quarter of 2019 were $28.4 million, compared with $4.0 million for the second quarter of 2018. Net loss was $66.2 million, or $0.97 net loss per share for the second quarter of 2019, compared with a net loss of $106.2 million, or $1.61 net loss per share, for the same period in 2018.

PTLA’s first two commercialized products are Andexxa® [coagulation factor Xa (recombinant), inactivated-zhzo], marketed in Europe as Ondexxya® (andexanet alfa), and Bevyxxa® (betrixaban). The company also is advancing cerdulatinib, a SYK/JAK inhibitor being developed for the treatment of hematologic cancers.

Founded in 2003 in South San Francisco, California, Portola has operations in the United States and Europe.

Portola shares declined 48 cents, or 1.6%, to $30.15