Portola Pharmaceuticals Inc. shares dropped 21.3% in early morning trade Thursday after the company said that the Food and Drug Administration failed to accept its new drug. The drug, AndexXa, is intended to induce clotting in cases of life-threatening or uncontrolled bleeding. The FDA asked for additional data and information about Portola’s marketing plan, according to the company. AndexXa is geared toward patients treated with an anticoagulant, direct or indirect Factor Xa inhibitor, for which the company said there is no FDA-approved antidote. Portola shares dropped 26.9% over the last three months, compared with a 6.6% rise in the S&P 500 .
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