Portola Pharmaceuticals Inc (NASDAQ:PTLA) has reported the financial results for its fourth quarter and full year results that ended December 31, 2017, and an update on its corporate affairs. Bill Lis commented that the company experienced significant success in 2017 especially with the U.S. Food and Drug Administration (FDA) approval its first drug, Bevyxxa (betrixaban) in June 2017.
The company is also waiting for the FDA approval of AndexXa for treatment of patients with life-threatening bleeding, which if approved would enhance the overall performance of the company, particularly in the thrombosis space. The firm will directly be entitled to get an additional $100 million from its royalty-based partners for expansion. The company focuses on developing and distributing new therapeutics to battle thrombosis, inflammation, and hematologic conditions.
Portola Pharma reported a revenue loss of $9.80 million compared to the revenue of $13.69 that were reported in the same period 2016. The revenue recorded a drop of 36.5% in the last fiscal year. The firm has been experiencing an average revenue loss of about 5.4% every year.
The company also announced that the Committee for the Medicinal Products for Human Use (CHMP) from the European Medicines Agency (EMA) has reported a positive trend vote for andexanet alfa for approval. However, the Committee has called for additional data that could delay the results of CHMP up to a fourth quarter of the year.
Furthermore, Portola is searching for provisional approval for andexanet alfa to resolve the hitch caused by Factor Xa inhibitors apixaban and rivaroxaban for treatment in patients suffering from the uncontrolled bleeding disorder. Andexanet alfa is also being reviewed by FDA, which could be presented by May 2018.
Portola Pharma focuses on developing drug candidates that extensively enhance the thrombosis field and other hematologic conditions and help in filling the gap of the patients’ unmet needs in the market. The company is also working with other partners to advance other clinical trials to treat hematologic cancers.