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.

.

More from Health

Now May Be the Time to Buy CVS, Says Expert

Now May Be the Time to Buy CVS, Says Expert

Can Legal Cannabis Help Slow the Opioid Drug Epidemic in the U.S.?

Can Legal Cannabis Help Slow the Opioid Drug Epidemic in the U.S.?

How to Become a Physician Assistant: What to Know

How to Become a Physician Assistant: What to Know

What is THC? Experts Weigh in on the Compound's Benefits and Effects

What is THC? Experts Weigh in on the Compound's Benefits and Effects

How Much Does a Physician Assistant Make?

How Much Does a Physician Assistant Make?