Shares of Biohaven (NYSE:BHVN) closed the day higher at roughly $34.40 per share as news gets digested of the strong results from Rimegepant, the company's oral CGRP receptor antagonist. Results released last month showed that Rimegepant demonstrated broad and clinically significant benefits beyond the initial registrational endpoints.
Findings of the study show durable and clinical effect across multiple outcome measures and that the study showed consistent results across both pivotal phase 3 studies at BHVN.
Strong Results From A Single Dose Treatment
According to BHVN, a single dose of rimegepant, without any additional rescue medications, was superior to placebo for pain freedom and pain relief at 2 hours post-dosing. Also, Rimegepant showed a profile of increasing improvement throughout the first eight hours of dosing, and that relief was sustained compared to placebo out to 24 and 48 hours. Importantly, the vast majority of patients did not take rescue medications during the 24 hour period after dosing.
Approximately 90% of patients who took rimegepant and no rescue medications achieved the clinically relevant endpoint of pain relief within 8 hours, which signifies a vital return to daily function. The drug works quickly as well, with BHVN noting that onset of pain relief was observed early with numerical separation evident approximately 30-45 minutes post-dosing. By 90 minutes statistical significance was achieved in both studies.
Biohaven spun out of Portage Biotech last year and raised more than $170 million in an IPO. Shareholders of Portage Biotech (OTC:PTGEF) received a hefty distribution of shares in the deal and investors argue that PTGEF is again building a promising portfolio of emerging and novel drugs and treatments. With many of the same players involved in both companies, notably on the development side, taking a look at both companies as potential long-term winners may be a prudent position to consider.
Disclosure: I am/we are long BHVN.