Benzinga | Mar 29, 2021 11:33AM EDT

Biohaven Secures $100M Milestone Funding After Enrolling First Patient In Migraine Study With Oral Zavegepant

* Biohaven Pharmaceutical Holding Co Ltd (NYSE: BHVN) has enrolled the first patient in a Phase 2/3 trial evaluating oral zavegepant for migraine's preventive treatment, triggering a milestone funding payment of $100 million.

* In August last year, Biohaven entered into a funding agreement with Royalty Pharma to secure up to $250 million to advance the development of zavegepant in migraine and other CGRP-mediated diseases.

* The randomized, double-blind, placebo-controlled trial will enroll approximately 2,900 people with migraines and evaluate the efficacy and safety of 100 mg and 200 mg doses of oral zavegepant.

* The Zavegepant program encompasses intranasal and oral formulations for migraine and non-migraine indications.

* Intranasal zavegepant previously demonstrated superior efficacy to placebo in a Phase 2/3 study for migraine's acute treatment.

* The drug is also being studied in an ongoing trial in COVID-19 infected hospitalized patients requiring supplemental oxygen.

* Price Action: BHVN shares are trading 4.58% lower at $63.5 on the last check Monday.