Portola Pharma stock drops on dismal Phase III trial results for blood-clot drug

pharmafile | March 29, 2016 | News story | Manufacturing and Production, Research and Development, Sales and Marketing Portola Pharmaceuticals, blood clot drug, drug trial, phase III 

Shares in Portola Pharmaceuticals (Nasdaq: PTLA) dropped after the company reported disappointing late-stage trial results for its blood clotting drug.

Shares in the company tanked over 22% following the trial update last week.

The Phase III study was designed to test how well its trial drug Betrixaban helped prevent blood clots versus the currently used Sanofi’s (NYSE: SNY) injectable Lovenox. The trial showed the results were not statistically significant.

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However, the company maintained the results were strong enough to support a regulatory filing. Bill Lis, chief executive officer of Portola, says: “While we understand that the interpretation of these statistical and clinical results will be subject to discussions with regulatory agencies, we and the APEX Study academic leadership believe that the data in Cohort 1 were sufficiently strong to support a full assessment of Cohort 2 and the overall study population. We believe the overall robustness of the efficacy and safety results in this high-risk patient population, including the positive net clinical benefit observed, provide ample evidence to support the submission of an NDA later this year.” 

Sanofi’s Lovenox made up for $1.7 billion in sales in 2014.

Shares in Portola Pharma closed down over 6% on the Nasdaq Monday.

Anjali Shukla 

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