An application to offer through initial public offering shares of stock from Portola Pharmaceuticals has been filed with regulatory authorities. The expected price for the whole IPO is at US$150 million.
The biopharmaceutical company develops treatments for blood disorders such as thrombosis. Thrombosis is a condition where a blood clot forms inside a blood vessel. The proceeds of the IPO would be utilized to study and develop the compound Betrixaban and other drug candidates for blood disorder therapies.
Betrixaban is being developed to provide a preventive therapy for venous thromboembolism in critically ill patients. This is the only drug therapy still in development as the company still does not have any product for sale.
The firm reported a profit of US$11.4 million in 2012, which is lower than its 2011 revenues as its revenues from collaboration and licensing declined. The profits are mainly from the collaboration agreements with Merck & Co and Novartis AG.
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