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Portola Pharmaceutical Shares Trading Up On High Volume

Portola-Pharmaceutical-Shares of Portola Pharmaceutical, Inc. (NASDAQ: PTLA) are trading up over 15% to $29.14 per share on high-volume after the company announced that its first Phase 3 study of andexanet alfa, a potential universal Factor Xa inhibitor antidote and U.S. Food and Drug Administration-designated breakthrough therapy, met its primary and secondary endpoints with high statistical significance.

Normal trading volume is 269,000 shares per day and three hours into the trading day Portola Pharmaceutical  has traded nearly 600,000 shares.

Through a new study, Andexanet Alfa was found to significantly reverse anticoagulation activity of Factor Xa inhibitor Eliquis, which has been deemed a designated breakthrough therapy by the US Food and Drug Administration (FDA). Not only did this drug meet its primary endpoint but secondary as well with high statistical significance.

The study was able to demonstrate that an intravenous bolus of Andexanet Alfa immediately but also substantially reversed the anticoagulation activity of the direct Factor Xa inhibitor Eliquis (apixaban), manufactured by the pharmaceutical companies Bristol-Myers Squibb Company (Nasdaq: BMY) and Pfizer, Inc. (Nasdaq: PFE). Researchers also found that participants of the study reported no major effects of the drug.

People with anticoagulation Factor Xa inhibitor suffer from major bleeding events or need emergency surgery. Andexanet Alfa is being considered by experts as a possible huge advance, being the first agent approved by the FDA used as a universal inhibitor antidote for these patients.

According to Dr. John T. Curnutte, executive vice president of research and development for Portola Pharmaceuticals who will lead the randomized, double-blind, placebo-controlled Phase 3 ANNEXA-A studies, safety and efficacy of Andexanet Alfa are being evaluated specific to reversing Eliquis-induced anticoagulation in older and health volunteers.

Portola Pharmaceuticals, Inc. is a biopharmaceutical company that develops product candidates in both hematology and thrombosis fields. Founded in 2003, Portola maintains headquarters in San Francisco, California. In addition to Andexanet Alfa, Portola is developing Cerdulatinim, part of the Phase I and II proof-of-concept studies.

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