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Portola Pharmaceuticals Announces Executive Leadership Change

1273 Days ago

SOUTH SAN FRANCISCO, Calif., Sept. 07, 2018 (GLOBE NEWSWIRE) -- Portola Pharmaceuticals, Inc.® (Nasdaq: PTLA) today announced that Tao Fu, chief commercial officer, has resigned effective September 21, 2018 to pursue opportunities outside the Company.

The Company has engaged a leading executive search firm to assist management in identifying and recruiting a new chief commercial officer in parallel with the Company’s search for a chief executive officer. During the transition period, Mardi C. Dier, interim co-president and chief financial officer, will lead the Company’s commercial activities, including the ongoing launches of Andexxa® and Bevyxxa®. The Company will also continue to leverage the external strategic counsel provided by its Commercial Advisory Committee, comprising members of the Company’s Board of Directors and expert industry consultants. Mr. Fu will remain a consultant to the Company until March 1, 2019 to assist in the transition of his responsibilities.

On behalf of the entire management team, I’d like to thank Tao for his many contributions during a critical period in Portola’s evolution,” said Ms. Dier. “Tao led two nearly simultaneous U.S. product launches and played an integral role in our transition from an R&D organization into a commercial company. We are grateful for his many contributions and wish him all the best in future endeavors.”

Ms. Dier added: “During this transitional period, our top priority remains the Andexxa Early Supply Program, which we launched in May and is continuing to gain momentum, and we are implementing a focused commercial strategy for Bevyxxa. Additionally, we are looking forward to a number of significant regulatory milestones that will drive the Company’s long-term growth, including the potential U.S. regulatory approval of the large-scale Generation 2 Andexxa manufacturing process, European approval of andexanet alfa, and the potential regulatory path forward for cerdulatinib, our Syk/JAK inhibitor and the third novel compound discovered in our labs.”

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.

Investor Contact: 
Cara Miller
Portola Pharmaceuticals 

Media Contact:
Christie Teller
Pure Communications 

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