SOUTH SAN FRANCISCO, Calif., March 20, 2019 (GLOBE NEWSWIRE) -- Portola Pharmaceuticals, Inc.^® (Nasdaq: PTLA) today announced that on March 15, 2019 Charles Homcy, M.D., informed the Board of his decision to retire from the Board of Directors. Dr. Homcy co-founded the Company in 2003 and served as president and chief executive officer until April 2010, when he transitioned into his role on the Board of Directors, and became Chair of the Board’s Research and Development Committee. Dr. Homcy will remain in a consultancy role to Portola’s president and chief executive officer, Scott Garland, during the transition period. Dr. Homcy’s resignation from the Board will be effective upon execution of a consulting agreement. The Board is engaging in a search for a new independent Director to build upon the foundation that Dr. Homcy built when he co-founded Portola.

“On behalf of the Board, the executives and the entire Portola team, I would like to thank Charles for his leadership, scientific determination and countless contributions to the development of multiple innovative compounds over the last 15 years,” said Hollings C. Renton, Chairman of the Board. “Charles envisioned building an enduring company that advanced compounds from its own research efforts, and with the U.S. Food and Drug Administration approvals last year of Andexxa and Bevyxxa, Charles is seeing that vision fulfilled. The Board is proud to honor and uphold Charles’ legacy as we enter the next exciting phase in the Company’s history, and we wish Charles all the best in his continued endeavors.”

Dr. Homcy said: “Portola is in a very good place and, after over 15 years of working with the Company, I feel now is the right time to step off the Board and refresh my seat with new talent. I look forward to working with Scott as a consultant and seeing Portola continue to thrive in the years ahead.”

“The Portola team is indebted to Charles for his bold and tenacious advocacy of scientific innovation in the fields of thrombosis and other hematologic conditions,” said Mr. Garland. “Under his exceptional guidance, Portola has established significant momentum and we are excited about our long-term growth trajectory as we focus on the successful launch of Andexxa in the United States and potentially in Europe, and realizing the potential of other compounds in our portfolio.”

About Portola Pharmaceuticals, Inc.
Portola Pharmaceuticals is a commercial-stage biopharmaceutical company focused on the discovery, development and commercialization of novel therapeutics that could significantly advance the fields of thrombosis and other hematologic diseases. The Company’s two FDA-approved medicines are Andexxa^® [coagulation factor Xa (recombinant), inactivated-zhzo], the first and only antidote for patients treated with rivaroxaban and apixaban when reversal of anticoagulation is needed due to life-threatening or uncontrolled bleeding, and Bevyxxa^® (betrixaban), the first and only oral, once-daily Factor Xa inhibitor for the prevention of VTE in adult patients hospitalized for an acute medical illness. The company also is advancing cerdulatinib, a Syk/JAK inhibitor for the treatment of hematologic cancers.

Forward-Looking Statements
Statements contained in this press release regarding matters that are not historical facts are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Because such statements are subject to risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. Such statements include, but are not limited to, statements regarding the growth potential for Portola and potential of Portola’s products. Risks that contribute to the uncertain nature of the forward-looking statements include: the risk that physicians, patients and payers may not see the benefits of utilizing Andexxa or Bevyxxa for the indications which they are approved; our ability to continue to manufacture our products and to expand approved manufacturing facilities; the possibility of unfavorable results from additional clinical trials involving Andexxa; the risk that the EMA may not approve Andexxa in the currently anticipated timelines or at all, and that any marketing approvals or reimbursement limitations may have significant limitations on its use; the risk that Portola may not obtain additional regulatory approvals necessary to expand approved indications for Andexxa; our expectation that we will incur losses for the foreseeable future and will need additional funds to finance our operations; the accuracy of our estimates regarding expenses and capital requirements; our ability to successfully build a hospital-based sales force and commercial infrastructure; our ability to obtain and maintain intellectual property protection for our product candidates; and our ability to retain key scientific or management personnel. These and other risks and uncertainties are described more fully in our most recent filings with the Securities and Exchange Commission, including our most recent quarterly report on Form 10-Q. All forward-looking statements contained in this press release speak only as of the date on which they were made. We undertake no obligation to update such statements to reflect events that occur or circumstances that exist after the date on which they were made.

Investor Contact:

Cara Miller
Portola Pharmaceuticals
ir@portola.com  

Media Contact:

Julie Normart
Pure Communications
jnormart@purecommunications.com