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news.Portola Pharmaceuticals has received a preferred stock financing of $89m for its Phase 3 clinical programme of a once-daily, oral Factor Xa inhibitor, Betrixaban and to develop PRT064445, a recombinant Factor Xa inhibitor antidote.
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Betrixaban, an oral small molecule, inhibits the activity of Factor Xa, which is pivotal in the blood coagulation pathway.
The company intends to begin a Phase 3 betrixaban programme to prevent venous thromboembolism (VTE) in acute medically ill patients in the first half of 2012.
In collaboration with Biogen Idec, Portola will develop PRT062607, an oral Syk-specific kinase inhibitor in thrombosis.
According to the deal, Biogen Idec will provide Portola with an upfront payment of $45m, which includes $36 million in cash and $9 million in Portola equity.