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Hercules Technology?s Portfolio Company, Portola Pharmaceuticals, Has Entered Into a Worldwide License Agreement With Novartis

^{Published on 2009-02-12 11:41:35, Last Modified on 2009-02-12 11:43:08 - Market Wire}
 

PALO ALTO, Calif.--([ BUSINESS WIRE ])--Hercules Technology Growth Capital, Inc. (NASDAQ: HTGC), the leading specialty finance company providing venture debt and equity to venture capital and private equity backed technology and life science companies at all stages of development, today announced that one of its portfolio companies, Portola Pharmaceuticals, Inc., has entered into an exclusive worldwide license agreement with Novartis. The agreement is to develop and commercialize elinogrel, Portola's novel, proprietary intravenous (i.v.) and oral P2Y12 ADP receptor antagonist currently in Phase 2 clinical development.

Elinogrel has shown potential to offer clinical improvements over current anti-clotting medications in helping patients avoid heart attacks and strokes, such as lowering the risk of ischemic events due to clot formation and reducing the risk of bleeding.

"At a time when the current economic conditions have made these kinds of milestones few and far between, Hercules continues to see positive achievements within its Life Science portfolio," said Manuel A. Henriquez, co-founder, chairman and chief executive officer of Hercules. "Clearly, Portola's agreement with Novartis, a global leader in cardiovascular drug development and marketing, is a testament to the company's strength and innovation."

Under terms of the agreement, Novartis will make an upfront cash payment of $75 million to Portola, a privately-held biopharmaceutical company developing innovative drugs that provide significant advances in cardiovascular disease, inflammatory disease and cancer. Portola is eligible to receive additional cash payments totaling up to $500 million upon achievement of certain development, regulatory and commercialization milestones. Portola will also receive royalties on worldwide net sales of elinogrel and have the option to co-promote elinogrel in the United States limited to hospitals and specialty markets.

Novartis will fund all future Phase 3 clinical trials of elinogrel and share costs of ongoing and planned Phase 2 trials. The agreement also provides Portola with an option to co-fund Phase 3 clinical trials and other development activities in return for additional royalties. The agreement is subject to review by the U.S. government under the Hart-Scott-Rodino Act and becomes effective after the expiration or earlier termination of the waiting period (or any extension thereof).

In December 2008, Portola initiated patient enrollment in INNOVATE-PCI, an 800-patient Phase 2 clinical trial of the i.v. and oral forms of elinogrel in a broad group of patients undergoing non-urgent percutaneous coronary intervention. Portola, together with Novartis, plans to further develop elinogrel to treat patients with acute coronary syndromes and broadly in patients with a prior heart attack or stroke, and those with peripheral vascular disease.

About Portola Pharmaceuticals, Inc.

Portola Pharmaceuticals develops innovative therapeutics based on targets with established proof of concepts that are engineered to provide significant advances over current treatments for cardiovascular disease, inflammatory disease and cancer.

Portola's two lead Phase 2 compounds, betrixaban, an oral Factor Xa inhibitor and elinogrel (PRT060128), a P2Y12 ADP receptor antagonist, target the global multi-billion dollar antithrombotic market. Both product candidates have best-in-class features versus current products and novel agents in development and address the hospital, specialty, and chronic care markets. Portola's earlier-stage programs include efforts focused on the discovery and development of novel, specific Syk and JAK inhibitors to treat cancer and inflammatory diseases, and on a novel anticoagulant antidote program with the potential to help manage the more than 20 million patients expected to be treated with anticoagulants worldwide in the next decade. For additional information, visit [ www.portola.com ].

About Hercules Technology Growth Capital, Inc.:

Hercules Technology Growth Capital, Inc. is a NASDAQ traded specialty finance company providing debt and equity growth capital to technology and life science companies at all stages of development. Founded in December 2003, the company primarily finances privately held companies backed by leading venture capital and private equity firms. Hercules invests in a broad range of ventures active in technology and life science industries and offers a full suite of growth capital products at all levels of the capital structure. The company is headquartered in Palo Alto, Calif. and has additional offices in the Boston, Boulder, San Diego and Chicago areas. Providing capital to publicly-traded or privately-held companies backed by leading venture capital and private equity firms involves a high degree of credit risk and may result in potential losses of capital. For more information, please visit [ www.HTGC.com ].

Companies interested in learning more about financing opportunities should contact [ info@HTGC.com ], or call 650.289.3060.

Forward-Looking Statements:

The statements contained in this release that are not purely historical are forward-looking statements. These forward-looking statements are not guarantees of future performance and are subject to uncertainties and other factors that could cause actual results to differ materially from those expressed in the forward-looking statements including, without limitation, the risks, uncertainties, including the uncertainties surrounding the current market turbulence, and other factors we identify from time to time in our filings with the Securities and Exchange Commission. Although we believe that the assumptions on which these forward-looking statements are reasonable, any of those assumptions could prove to be inaccurate and, as a result, the forward-looking statements based on those assumptions also could be incorrect. You should not place undue reliance on these forward-looking statements. The forward-looking statements contained in this release are made as of the date hereof, and Hercules assumes no obligation to update the forward-looking statements for subsequent events.