Shares of Portola Pharmaceuticals Inc. (PTLA) were down 2.7% to $55.40 in premarket trading on Wednesday, Sept. 13, after the South San Francisco, Calif.-based firm priced its underwritten public offering of 6.35 million shares at $55 apiece. In addition, Portola has given underwriters a 30-day option to buy up to an additional 952,500 shares.
Morgan Stanley & Co. LLC, Citigroup Inc. and Goldman Sachs & Co. LLC serve as joint book-running managers for the offering. Cowen & Co. and William Blair & Co. LLC are the co-managers.
In the same announcement on Sept. 12, Portola said it will not be making a presentation at Morgan Stanley's global healthcare conference. The company was previously scheduled to present at 1:00 p.m. E.T. on Sept. 13.
In other news, Otonomy Inc. (OTIC) on Wednesday announced steps to reduce costs after the San Diego firm recently reported disappointing results from its Phase 3 study of Otividex in patients with Meniere's disease. Shares were trading at $3.60, up 2.9%.
Among the actions it announced was a workforce reduction totaling about one-third of employees not involved in Otiprio commercial support.
Meanwhile, Amicus Therapeutics Inc. (FOLD) said Wednesday its Phase 3 study of topical wound-healing agent SD-101 in epidermolysis bullosa did not achieve its primary and secondary endpoints. Shares of Amicus were down 0.68%, or 9 cents, to $13.19.
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