NEW HAVEN, Conn., Nov. 1,
2019 /PRNewswire/ -- Biohaven Pharmaceutical Holding Company
Ltd. (NYSE: BHVN, the "Company"), a clinical-stage
biopharmaceutical company with a portfolio of innovative,
late-stage product candidates targeting neurological and
neuropsychiatric diseases, today reported financial results for the
quarter ended September 30, 2019, and
provided a review of recent accomplishments and anticipated
milestones.
Vlad Coric, M.D., CEO of Biohaven
commented, "The Biohaven team continues to deliver on the R&D
front with 5 pivotal trials expected to read out over the next few
months. Additionally, we are eagerly preparing for a potential drug
launch of rimegepant in the first quarter of 2020." Dr. Coric
added, "We have completed hiring our commercial leadership team,
and we are building a world class sales organization that can fully
realize the potential of our entire pipeline—CGRP antagonism in
migraine, glutamate modulation in neuropsychiatric disorders and
myeloperoxidase inhibition in rare neurologic disorders. Our goal
is to create value for patients and shareholders while maintaining
an efficient and high performing culture."
Third Quarter and Recent Business Highlights
Calcitonin Gene-Related Peptide (CGRP) Antagonist
Programs:
- Announced acceptance by the FDA of the NDAs for the
Zydis® ODT and tablet formulations of rimegepant;
mid-cycle communication received from FDA with no specific issues
identified; expected PDUFA date for rimegepant Zydis®
ODT is the first quarter of 2020 – In September 2019, Biohaven presented at the 2019
Annual Wells Fargo Healthcare Conference, which included a
discussion of pipeline progress, an update on the NDA filing
acceptances and PDUFA date for rimegepant
Zydis® ODT and updates on other commercial launch
activities.
In October 2019, the Company
presented an update to investors on its broad pipeline of late
stage product candidates, which included updates for the mid-cycle
communication received from the FDA regarding the rimegepant new
drug application review. All FDA comments are preliminary and do
not reflect a final decision on the review. At the time of the
mid-cycle communication:
-
- No major safety concerns were identified; the Company does not
anticipate the need for a Risk Evaluation and Mitigation Strategy
(REMS).
- There were no plans for an Advisory Committee meeting.
- There were no specific issues requiring input from the
Company.
- Completed enrollment of pivotal Phase 3 trial of rimegepant
for the preventive treatment of migraine – In August, the
Company announced that it completed enrollment in its pivotal Phase
3 preventative treatment of migraine trial with rimegepant and
expects topline data at the end of the fourth quarter of 2019 or
early first quarter of 2020. Given rimegepant's high affinity for
the CGRP receptor and its relatively long half-life, the Company
believes that rimegepant may possess unique "dual-therapy" action
with a potential ability to provide acute treatment of migraine
attacks and preventive effects. To the Company's knowledge,
rimegepant is currently the only small molecule CGRP antagonist
being developed for both the acute and preventive indications in
the treatment of migraine.
- Completed enrollment in pivotal Phase 2/3 trial of
vazegepant for the acute treatment of migraine – In September,
the Company announced it completed enrollment in its Phase 2/3
trial of intranasally administered vazegepant for the acute
treatment of migraine. The Phase 2/3 trial is designed to measure
efficacy on regulatory endpoints for acute treatment of migraine –
pain freedom and freedom from the most bothersome
migraine-associated symptom at 2 hours post-dose – for vazegepant
across three doses (5 mg, 10 mg and 20 mg) versus placebo. The
trial will also study other clinical measures considered critically
important to people living with migraine, such as pain relief and
the return to normal functioning. Top line data is expected in the
fourth quarter of 2019.
- Presented expanded data from long term clinical study
demonstrating clinically important benefits after oral treatment of
rimegepant on migraine-specific disability and quality of life at
the International Headache Conference – In September, the
Company presented expanded data and post-hoc analyses from its long
term clinical study (BHV3000-201) demonstrating clinically
important benefits of rimegepant on migraine-specific disability
and quality of life in late breaking oral and poster sessions at
the International Headache Conference in Dublin, Ireland.
-
- Acute treatment of migraine with rimegepant, an oral CGRP
receptor antagonist, decreased disability by approximately 41% as
measured by the Migraine Disability Assessment (MIDAS)
questionnaire.
- Rimegepant treatment also demonstrated clinically significant
improvements in daily functioning and health-related quality of
life as measured by the Migraine-Specific Quality of Life Scale
(MSQoL).
- Rimegepant dosed up to once daily for the acute treatment of
migraine reduced lost productivity time by approximately 50% over
the one-year treatment period.
Glutamate Program:
- Completed enrollment in pivotal Phase 3 trial of troriluzole
for the treatment of GAD – In October, the Company announced
that it completed enrollment in its pivotal Phase 3 clinical trial
assessing troriluzole in GAD and expects topline data at the end of
the fourth quarter of 2019 or early first quarter of 2020. This
multicenter, randomized, placebo-controlled, trial enrolled over
880 patients in less than nine months. The primary outcome measure
in this 8-week GAD trial with troriluzole is the change in a
patient's score on the Hamilton Anxiety Rating Scale (HAM-A), a
scale designed to assess the severity and type of symptoms in
patients with GAD. The HAM-A is a widely used and validated scale
that has served as the primary outcome measure to obtain approval
in GAD both in the United States
and globally. The trial will also assess the safety, tolerability
and pharmacokinetics of troriluzole.
Myeloperoxidase Program:
- Verdiperstat selected for platform trial collaboration at
Massachusetts General Hospital's Healey & AMG Center for ALS
– In September, the Company announced that its myeloperoxidase
(MPO) inhibitor, verdiperstat, was selected as an investigational
therapy in the first Amyotrophic Lateral Sclerosis (ALS) platform
trial, a program designed by the Sean M. Healey & AMG Center
for ALS at Mass General Hospital to help accelerate a path to new
and effective ALS treatments. An independent advisory council
selected verdiperstat for inclusion in the platform based on a
thorough scientific and clinical review. In contrast with
traditional trials that typically evaluate only one drug at a time,
platform trials create an infrastructure for the ongoing study of
multiple investigational drugs in parallel using specialized
statistical methods to help maximize resources and
efficiency.
- Enrolled first patient in phase 3 clinical trial of
verdiperstat for the treatment of multiple system atrophy
– In July, the Company announced that it enrolled the
first patient in a Phase 3 clinical trial to evaluate the efficacy
and safety of verdiperstat in subjects with MSA. The study will
enroll subjects with MSA diagnosed using consensus clinical
criteria and include both subtypes of MSA, MSA-Parkinsonism (MSA-P)
and MSA-Cerebellar (MSA-C). Researchers will evaluate the efficacy
of verdiperstat, compared to placebo, as measured by a change from
baseline in a modified version of the Unified MSA Rating Scale
(UMSARS) at Week 48.
Upcoming Milestones
Biohaven is progressing drug
candidates for a number of common and rare disorders through
clinical and preclinical programs. The Company expects to reach
significant pipeline milestones with its CGRP receptor antagonists,
glutamate modulators and myeloperoxidase inhibitor in the coming
quarters.
The Company expects to:
- Continue to advance the rimegepant Zydis® ODT
(orally dissolving tablet) program towards commercialization for
the acute treatment of migraine.
- Report Phase 2/3 topline efficacy and safety results for
vazegepant in acute treatment of migraine in fourth quarter of
2019.
- Complete enrollment in Phase 2/3 trial of troriluzole in
Alzheimer's disease and conduct futility analysis in the fourth
quarter of 2019.
- Report Phase 2/3 topline of troriluzole in GAD at the end of
the fourth quarter of 2019 or early first quarter of 2020.
- Report Phase 3 topline data for rimegepant in preventive
treatment of migraine at the end of the fourth quarter of 2019 or
early first quarter of 2020.
- Complete enrollment in Phase 2/3 trial with troriluzole in
Obsessive-compulsive Disorder by the end of 2019.
- Complete enrollment in Phase 3 trial of troriluzole in
Spinocerebellar Ataxia in the first quarter of 2020.
- Continue enrolling patients in Phase 2 proof of concept trial
evaluating the safety and efficacy of rimegepant in patients with
treatment refractory trigeminal neuralgia.
- Continue enrolling patients in Phase 3 clinical trial for the
treatment of MSA, a rare, rapidly progressive and fatal
neuroinflammatory disease with no cure or effective
treatments.
- Conduct ongoing non-clinical studies defined under the
scientific research agreement with University
of Connecticut to support the advancement of UC1MT, a
therapeutic antibody targeting extracellular metallothionein.
Third Quarter Financial Results
Cash Position: Cash as of September 30, 2019,
was $416.6 million, compared to $465.7 million as
of June 30, 2019. The decrease in cash during the period of
$49.1 million primarily reflects
cash used in operations of $70.1
million to prepare for commercial launch expected in early
2020 and to advance our broad pipeline of late stage product
candidates, partially offset by $21.2 million in net proceeds from the
partial exercise of the underwriters option to purchase additional
common shares in July 2019 from the
June 2019 public offering of common
shares.
Research and Development (R&D) Expenses: R&D
expenses, including non-cash share-based compensation costs, were
$61.7 million for the three months
ended September 30, 2019, compared to
$47.4 million for the three months
ended September 30, 2018. The
increase of $14.3 million was
primarily due to increased expenses due to later stage trials in
our CGRP platform and troriluzole program of $12.8 million and $4.7
million, respectively, and an increase in personnel related
costs of $4.4 million. The increase
in R&D expenses was partially offset by a $7.1 million one-time license payment to
AstraZeneca in the third quarter of 2018. Included in R&D
expense for the three months ended September
30, 2019 is $7.5 million in
costs related to process validation batches of rimegepant to
support our expected commercial launch in the first quarter of
2020.
The increase in personnel-related costs, including non-cash
share-based compensation, was a result of additional options issued
and hiring additional personnel related to the anticipated
commercial launch of rimegepant. Our headcount, in R&D,
increased to 59 as of September 30,
2019, compared to 34 as of September
30, 2018. Non-cash share-based compensation expense
was $3.6 million for the three months
ended September 30, 2019, an increase
of $1.9 million as compared to the
same period in 2018.
General and Administrative (G&A)
Expenses: G&A expenses, including non-cash
share-based compensation costs, were $28.8
million for the three months ended September 30, 2019, compared to $7.6 million for the three months ended
September 30, 2018. The increase of
$21.2 million was primarily due to
increases in spending to prepare for commercial launch expected in
early 2020, and personnel-related costs, including non-cash
share-based compensation, due to the hiring of additional personnel
primarily to prepare for commercialization of our product
candidates, increases in professional fees supporting ongoing
business operations, and additional fees to comply with the
requirements of being a public company. Our headcount, in G&A
activities, increased to 119 as of September
30, 2019, compared to 23 as of September 30, 2018. Non-cash share-based
compensation expense, included in personnel-related costs, was
$6.3 million for the three
months ended September 30, 2019, an
increase of $4.4 million as compared
to the same period in 2018.
Net Loss: The Company reported a net loss
attributable to common shareholders for the three months ended
September 30, 2019 of $106.2 million, or $2.04 per share, compared to $61.4 million,
or $1.53 per share for the same period in 2018.
About Biohaven
Biohaven is a clinical-stage
biopharmaceutical company with a portfolio of innovative,
late-stage product candidates targeting neurological diseases,
including rare disorders. Biohaven has combined internal
development and research with intellectual property licensed from
companies and institutions including Bristol-Myers Squibb Company,
AstraZeneca AB, Yale University,
Catalent, Rutgers, and ALS Biopharma
LLC. Currently, Biohaven's lead development programs include
multiple compounds across its CGRP receptor antagonist, glutamate
modulation and myeloperoxidase inhibition platforms. More
information about Biohaven is available at
www.biohavenpharma.com.
Catalent is the leading global provider of advanced delivery
technologies and development solutions for drugs, biologics and
consumer health products. With over 85 years serving the industry,
Catalent has proven expertise in bringing more customer products to
market faster, enhancing product performance and ensuring reliable
clinical and commercial product supply. Zydis is a registered
trademark of Catalent. For more information, visit
www.catalent.com.
Forward-Looking Statements
This news release includes
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. These forward-looking
statements involve substantial risks and uncertainties, including
statements that are based on the current expectations and
assumptions of the Company's management. All statements, other than
statements of historical facts, included in this press release
regarding the Company's business and product candidate plans and
objectives are forward-looking statements. Forward-looking
statements include those related to: the expected timing,
commencement and outcomes of the Company's planned and ongoing
clinical trials, the timing of planned interactions and filings
with the FDA, the timing and outcome of expected regulatory
filings, including the need for any REMS or Advisory
Committee meetings, the potential commercialization of the
Company's product candidates, the potential for the Company's
product candidates to be first in class or best in class therapies
and the effectiveness and safety of the Company's product
candidates. The use of certain words, including "believe",
"continue", "may", "on track", "expects" and "will" and similar
expressions, are intended to identify forward-looking statements.
Various important factors could cause actual results or events to
differ materially from those that may be expressed or implied by
our forward-looking statements. Additional important factors to be
considered in connection with forward-looking statements are
described in the "Risk Factors" section of the Company's Annual
Report on Form 10-K filed with the Securities and Exchange
Commission on February 28, 2019 and the Company's Quarterly
Report on Form 10-Q for the quarter ended June 30, 2019, filed with the Securities and
Exchange Commission on August 9, 2019. The forward-looking
statements are made as of this date and the Company does not
undertake any obligation to update any forward-looking statements,
whether as a result of new information, future events or otherwise,
except as required by law.
BIOHAVEN
PHARMACEUTICAL HOLDING COMPANY LTD.
CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE
LOSS
(Amounts in
thousands, except share and per share amounts)
(Unaudited)
|
|
|
|
|
|
Three Months Ended
September 30,
|
|
|
2019
|
|
2018
|
Operating
expenses:
|
|
|
|
|
Research and
development
|
|
$
|
61,674
|
|
$
|
47,362
|
General and
administrative
|
|
28,782
|
|
7,574
|
Total operating
expenses
|
|
90,456
|
|
54,936
|
Loss from
operations
|
|
(90,456)
|
|
(54,936)
|
Other income
(expense):
|
|
|
|
|
Non-cash interest
expense on mandatorily redeemable preferred shares
|
(4,378)
|
|
—
|
Non-cash interest
expense on liability related to sale of future royalties
|
(7,308)
|
|
(5,633)
|
Change in fair value of
derivative liability
|
|
(1,717)
|
|
—
|
Loss from equity method
investment
|
|
(1,993)
|
|
(697)
|
Other
|
|
8
|
|
(14)
|
Total other expense,
net
|
|
(15,388)
|
|
(6,344)
|
Loss before provision
for income taxes
|
|
$
|
(105,844)
|
|
$
|
(61,280)
|
Provision for income
taxes
|
|
323
|
|
161
|
Net loss and
comprehensive loss
|
|
(106,167)
|
|
(61,441)
|
Net loss per share —
basic and diluted
|
|
$
|
(2.04)
|
|
$
|
(1.53)
|
Weighted average
common shares outstanding—basic and diluted
|
52,077,240
|
|
40,147,735
|
BIOHAVEN
PHARMACEUTICAL HOLDING COMPANY LTD.
CONDENSED
CONSOLIDATED BALANCE SHEETS
(Amounts in
thousands)
|
|
|
|
|
|
|
|
September 30,
2019
|
|
December 31,
2018
|
|
|
(Unaudited)
|
|
|
Assets
|
|
|
|
|
Current
assets:
|
|
|
|
|
Cash
|
|
$
|
416,574
|
|
$
|
264,249
|
Prepaid expenses and
other current assets
|
6,596
|
|
8,090
|
Total current
assets
|
|
423,170
|
|
272,339
|
Property and
equipment, net
|
|
7,460
|
|
6,248
|
Equity method
investment
|
|
7,106
|
|
11,414
|
Other
assets
|
|
1,351
|
|
11
|
Total
assets
|
|
$
|
439,087
|
|
$
|
290,012
|
Liabilities and
Shareholders' Equity
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
Accounts
payable
|
|
$
|
11,562
|
|
$
|
10,752
|
Accrued
expenses
|
|
35,644
|
|
8,782
|
Total current
liabilities
|
|
47,206
|
|
19,534
|
Liability related to
sale of future royalties, net
|
|
136,799
|
|
117,515
|
Mandatorily
redeemable preferred shares, net
|
|
99,268
|
|
—
|
Derivative
liability
|
|
36,795
|
|
—
|
Other long-term
liabilities
|
|
43
|
|
2,043
|
Total
liabilities
|
|
$
|
320,111
|
|
$
|
139,092
|
Total shareholders'
equity
|
|
$
|
118,976
|
|
$
|
150,920
|
Total liabilities and
shareholders' equity
|
|
$
|
439,087
|
|
$
|
290,012
|
|
|
|
|
|
For further information, contact Dr. Vlad Coric, Chief Executive Officer, at
Vlad.Coric@biohavenpharma.com
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SOURCE Biohaven Pharmaceutical Holding Company Ltd.