Shares in Portola Pharmaceuticals Inc (NASDAQ:PTLA) fell Tuesday after the company reported its third quarter results and provided a corporate update.
The stock was down 12.87% to $16.25 on volume of 2.03 million shares.
Portola develops treatments for thrombosis and other hematologic diseases.
Portola Pharmaceuticals Inc (NASDAQ:PTLA) misses in the third quarter
The company reported third quarter EPS of $-1.64, which missed estimates by $0.54, and revenue of $9.3 million, which was ahead of estimates by $5.2 million, but was up a solid 219.6% year on year.
The increase in revenue was mainly due to $5 million received for achievement of drug development milestones, and $2 million from collaboration and license agreements.
Net loss of $92.9 million (which included an impairment charge of $27.3 million) compared with a net loss of $55.2 million for the same period in 2015.
Portola Pharmaceuticals Inc (NASDAQ:PTLA) drug pipeline
Its drug pipeline includes betrixaban, an oral, once-daily Factor Xa inhibitor; AndexXa (andexanet alfa), a recombinant protein designed to reverse the anticoagulant effect in patients treated with an oral or injectable Factor Xa inhibitor; and cerdulatinib, a Syk/JAK inhibitor in development to treat hematologic cancers.
“We have made important progress toward bringing both betrixaban and AndexXa to market. We submitted an NDA for betrixaban in the United States and plan to submit an MAA in the EU,” said Bill Lis, chief executive officer of Portola. “Also, we continue to engage in positive, productive dialogue with the FDA to resolve outstanding questions regarding the Complete Response Letter for AndexXa, most of which are focused on manufacturing.”
Meanwhile, the company continued to enroll patients in a Phase 2a study evaluating the safety and efficacy of cerdulatinib in patients with relapsed/refractory B-cell malignancies who have failed multiple therapies.
Portola Pharmaceuticals Inc (NASDAQ:PTLA) funding outlook
Portola carried cash and cash equivalent totaling $274.6 million as on September 30, 2016.
The company is focusing on AndexXa and betrixaban in its thrombosis portfolio. Mardi Dier, EVP & CFO, said on the conference call: “Our near-term financing plan is to remain focused on non-equity, diluted capital raising, and strategic partnering activities such as the recently announced Daiichi transaction, to adequately fund the company through these milestones, and set us up for commercial launches for both products.”