NEW HAVEN: Biohaven Pharmaceutical Holding Company Ltd. (NYSE: BHVN), the clinical stage biopharmaceutical company headquartered in downtown has reported its first quarter results financial and clinical results.
Vlad Coric, M.D., CEO reported that two of the company’s development drugs for migraine headaches are advancing in or toward clinical trials. He also announced that a trial for a treatment of Alzheimer's disease will begin in the second quarter.
The company restructured its agreement with Bristol-Myers Squibb (BMS) – with they company paying BMS an upfront payment of $50 million in return for a low single digit reduction in royalties payable on net sales of rimegepant and a mid-single digit reduction in royalties payable on net sales of BHV-3500.
The funds for the upfront payment was financed through a private placement of Biohaven common shares to leading institutional investors. The restructuring also provided Biohaven’s drugs were not in competition with BMS and would allow some relicensing of its acquieddrugs to other companies.
While the company raised $50 million for the restructuring with BMY its cash position did drop from $131.5 from the end of the year to $104.2 million at the end of March.
The net of the spending including the $50 million created a net loss attributable to common shareholders of $85.5 million or $2.32 per share in Q1 2018, compared to $22.8 million, or $1.74 per share, in Q1 2017.