By Jennifer Chiou
New York, Nov. 8 - Portola Pharmaceuticals, Inc. said it raised $46 million in series B financing.
Advanced Technology Ventures led investors, which included Alta Partners, Abingworth Management, Frazier Healthcare Ventures, MPM Capital, Prospect Ventures and Sutter Hill Ventures.
"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," president and chief executive officer Charles Homcy said in a news release.
"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."
Portola said its portfolio includes three development programs, including the Factor Xa inhibitor for venous and arterial blood clots, the ADP receptor antagonist program for acute coronary syndrome as well as a program that inhibits platelet adhesion to artery walls, which is in preclinical development for vascular disorders, including atherosclerosis.
The company also announced Jean George of Advanced Technology Ventures and Farah Champsi of Alta Partners will join its board.
Based in South San Francisco, Calif., Portola is a privately held biotechnology company focused on cardiovascular disease.
| Issuer: | Portola Pharmaceuticals, Inc.
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| Issue: | Preferred stock
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| Amount: | $46 million
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| Round: | Series B
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| Investors: | Advanced Technology Ventures (lead), Alta Partners, Abingworth Management, Frazier Healthcare Ventures, MPM Capital, Prospect Ventures, Sutter Hill Ventures
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| Announcement date: | Nov. 8
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