Portola Pharmaceuticals Reports Second Quarter 2017 Financial Results and Provides Corporate Update
(PTLA) today reported financial results and provided a corporate update " width="300" height="200" srcset="https://i1.wp.com/investorsbuz.com/wp-content/uploads/2017/08/portolapharma_600x400.jpg?resize=300%2C200 300w, https://i1.wp.com/investorsbuz.com/wp-content/uploads/2017/08/portolapharma_600x400.jpg?w=600 600w" sizes="(max-width: 300px) 100vw, 300px" />
PTLA Reports Q2 Loss Portola Pharmaceuticals Inc.® (Nasdaq:(PTLA) today reported financial results and provided a corporate update for the quarter ended June 30, 2017.
“FDA approval of our first product, Bevyxxa®, in the second quarter marked the ultimate milestone for Portola and the millions of patients who could benefit from this important new medicine,” said Bill Lis, chief executive officer of Portola. “We resubmitted our BLA for AndexXa® in the U.S. and are committed to working closely with the FDA toward approval, and with the EMA for approval of both products in 2018. Based on robust clinical data, both Bevyxxa and AndexXa are potentially life-saving medicines and are highly anticipated by the medical community.”
Recent Achievements, Upcoming Events and Milestones
PTLA Reports Q2 Loss
AndexXa (andexanet alfa) – a Factor Xa inhibitor antidote in development for patients treated with a Factor Xa inhibitor when reversal of anticoagulation is needed due to life-threatening bleeding or when urgent surgery is required; designated a Breakthrough Therapy and an Orphan Drug by the FDA
Cerdulatinib – an oral, dual Syk/JAK inhibitor in development to treat relapsed and refractory hematologic cancers
Second Quarter 2017 Financial Results
Total operating expenses for the second quarter of 2017 were $69.6 million, compared with $61.9 million for the same period in 2016. Total operating expenses for the second quarter of 2017 included $13.3 million in stock-based compensation expense, compared with $7.6 million for the same period in 2016.
Research and development expenses were $49.3 million for the second quarter of 2017, compared with $44.8 million for the second quarter of 2016. The increase in R&D expenses was largely attributable to an increase in manufacturing costs to produce betrixaban active pharmaceutical ingredient and other program costs related to cerdulatinib.
Selling, general and administrative expenses for the second quarter of 2017 were $20.3 million, compared with $17.0 millionfor the same period in 2016.
For the second quarter of 2017, Portola reported a net loss of $69.7 million, or $1.22 net loss per share, compared with a net loss of $57.3 million, or $1.02 net loss per share, for the same period in 2016.
Cash, cash equivalents and investments at June 30, 2017 totaled $269.7 million, compared with cash, cash equivalents and investments of $318.8 million as of December 31, 2016.
Conference Call Details
About Portola Pharmaceuticals, Inc. ®