Going it alone, Portola raises $89M to work on blood thinner, antidote

Jilted by Merck & Co. earlier this year, Portola Pharmaceuticals Inc. said Monday that it will take its blood-thinning agent betrixaban into a Phase III trial on its own, thanks in large part to an $89 million preferred stock deal.
South San Francisco-based Portola also said the cash will be used to advance a companion antidote that reverses blood thinning for patients on so-called Factor Xa inhibitors, like betrixiban, who require surgery for major bleeds.
Portola plans to begin the Phase III trial of betrixiban in the first half of 2012.