Portola Pharmaceuticals’ Co-Founder Dr. Charles Homcy Retires from the Company’s Board of Directors
March 20 2019 - 5:00PM
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 MillerPortola Pharmaceuticalsir@portola.com
Media Contact:
Julie NormartPure
Communicationsjnormart@purecommunications.com
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