Screen Shot 2018 06 20 at 11.30.00 AMNEW HAVEN: Biohaven Pharmaceutical Holding Company Ltd. [NYSE: BHVN] based in the city’s downtown has just shown the wisdom of its licensing and developing programs.

Royalty Pharma a New York based bioscience investment firm has agreed to purchase a tiered, sales-based participation rights on future global net sales of products containing rimegepant, the company’s migraine treatment in development.

Royalty Pharma will pay $100 million for the rights and has also agreed to purchase $50 million in common shares of Biohaven, at a price of $45.00 per share. The purchase price, represents an approximately 19% premium over the 15-day volume-weighted average price through June 15, 2018.

Screen Shot 2018 06 19 at 10.40.15 AMBy Mitchell Young

NEW HAVEN, AMSTERDAM: Alexion Pharmaceuticals, Inc. [NYSE: ALXN] has taken another, albeit small step to extend its drug portfolio. The company has made an investment and development partnership with Complement Pharma an Amsterdam NV start up [founded in 2017] biotech company focusing on “complement inhibition to modify neurodegenerative disease progression.”

Under the terms of the agreement, Alexion will provide Complement Pharma with up to $16 million in milestone-dependent payments through Phase 1b development. While the current investment is modest, Alexion has also negotiated the ability to outright purchase CP during the term of the agreement.

Vlad CoricNEW HAVEN: Vlad Coric CEO of Biohaven Pharmaceutical Holding Company Ltd. [NYSE:BHVN], based in downtown New Haven has been by Ernst & Young as its Entrepreneur Of The Year 2018 Award Winner in New York Region for the Health Care Category.

EY’s awards program “recognizes entrepreneurs who are excelling in areas such as innovation, financial performance and personal commitment to their businesses and communities. Dr. Coric was selected as an award winner by a panel of independent judges.”

With the regional award Coric is eligible for the national competition, announced in November.

Frequency logoFARMINGTON: The US Defense Department [DOD] is providing a $2 million grant to Frequency Therapeutics, with a U.S. Department of Defense Hearing and Balance Research Award. The $2 million peer-reviewed grant will be used to investigate Frequency’s Progenitor Cell Activation, or PCA Regeneration approach to restore hearing that has been lost as a result of military service-related injuries.

Frequency says’ its “PCA Regeneration platform targets the root cause of disease through the local delivery of small molecules to induce the regeneration of hair cells and neuronal connections targeting hearing regeneration.”

melinta logoNEW HAVEN: Inside investors have reportedly agreed to pony up another $50 million for Melinta Therapeutics, Inc. [NASDAQ:MLNT], a commercial-stage biotech ] in what will be between $75 and $110 million in a public offering.

The public offering is priced at $5.00 per share, before underwriting discounts and commissions. 

The size of the offering was increased from $75 to $110 million and, the underwriters have a 30-day option to purchase up to an additional 2,640,000 shares of common stock from Melinta on the same terms and conditions. The company’s stock closed at $5.30 per share on May 23, 2018, with a market cap of $166

million.

rtheti logoBRANFORD: Thetis Pharmaceuticals announced the receipt of a Fast-Track Small Business Innovation Research (SBIR) Grant from the National Institutes of Health (NIH) worth up to $1.9 million.

The award is to support development of Thetis’ TP-252 drug candidate an oral therapy for ulcerative colitis, a chronic, relapsing inflammatory gastrointestinal disorder which according to the company affects 800,000 patients in the U.S. and nearly 5 million worldwide.

During the last 9 months, Thetis has received two Fast Track SBIR awards providing more than $4 million to fund development of its IBD pipeline. This past November the NIH issued an SBIR award provides up to $2.3 million to support development of Thetis’ TP-317 candidate as oral therapy for treatment of ulcerative colitis.

biohavenNEW 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.