Portola stock shoots higher after FDA approval
Portola Pharmaceuticals Inc. shares jumped Monday after the company announced that the Food and Drug Administration had given an approval that should lead to the launch of its Andexxa drug. Portola's stock was halted ahead of the news, then jumped about 13% after trading resumed at 3:40 p.m. Eastern time. Portola said the FDA had approved a "prior approval supplement" for Andexxa, "allowing for broad commercial launch in the United States," according to the announcement. Andexxa is a drug used to counteract anticoagulent drugs that are used to treat conditions such as a stroke in cases of life-threatening or uncontrolled bleeding. "It is clear from the response to the Andexxa Early Supply Program that there is significant need for a specific reversal agent that can address life-threatening bleeding" that comes as a result of using the other life-saving drugs, Portola Chief Executive Scott Garland said in Monday's announcement. The drug was originally approved by the FDA in May. Portola shares had declined about 60% so far this year, as the S&P 500 index has declined 7%.
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