Portola gets $60M for Phase II work

Portola has concluded yet another impressive round of funding. The South San Francisco-based company has extended its earlier $70 million third round with an additional $60 million in financing. New investors, including D.E. Shaw group, Adage Capital Management, BBT Capital Management/Apothecary Capital, Janus Capital Group and PAC-LINK BioVentures, joined the company's existing investors to complete the round.

Most of the funding will be used to advance Portola's lead drug betrixaban, a therapy for prevention and treatment of deep vein thrombosis and pulmonary embolism after orthopedic surgery, for stroke prevention in patients with atrial fibrillation, and for secondary prevention of myocardial infarction and stroke. The funding will be used to see betrixaban through Phase II trials. In addition, Portola will use the money to advance its Phase I drug--PRT060128--and additional preclinical targets. The company ranked fourth in FierceBiotech's list of the top 20 VC deals of 2007.

- check out Portola's release