Biohaven Pharmaceutical Holding Company Ltd., (BHVN), a clinical-stage biopharmaceutical company with a portfolio of innovative, late-stage product candidates targeting migraine and neurological diseases, including rare disorders, announced recently the pricing of an underwritten public offering of 6,976,745 of its common shares at a price of $43.00/share. The gross proceeds of the offering are expected to be $300 million. Shares of BHVN closed at $43.71 today up 1.09% after hitting an intraday high of $43.90/share on 568,561 shares of trading. The 52-wk range $29.17 to $67.86. BHVN Shares are at $45/share in the aftermarket up 2.95%.
Today, Biohaven announced that positive results from a Phase 3 pivotal clinical trial of rimegepant, Biohaven’s small molecule calcitonin gene-related peptide (CGRP) receptor antagonist, for the acute treatment of migraine, are published in the July 12, 2019 issue of the New England Journal of Medicine (NEJM). These data were reported to show that, compared to placebo, patients treated with a single dose of oral rimegepant 75mg experienced superior, rapid pain freedom and freedom from the most bothersome migraine-associated symptom.
Approximately 40 million people in the U.S. suffer from migraine and there has been a minimal improvement in the standard of care acute treatment of migraine since the 1990s. Rimegepant is an oral calcitonin gene-related peptide (CGRP) antagonist being developed for the acute and preventive treatment of migraines.
BHVN Shares are at $45/share in the aftermarket up 2.95%.