Biohaven Stock Soars on Positive Results for Rare Neurological Disease Drug

Biohaven (BHVN) shares soared 15% Monday after the biotech firm announced positive results from a study of its experimental treatment for a rare neurological condition.

The company reported data collected over multiple analyses of its drug, troriluzole, showed “a robust and clinically meaningful slowing of disease progression” over a three-year period in patients with spinocerebellar ataxia, or SCA.

Biohaven noted that SCA is a progressively debilitating neurodegenerative disease that affects some 15,000 people in the U.S. and 24,000 in Europe and the U.K., and there is no Food and Drug Administration (FDA)-approved medicine for it.

Those Taking Drug Had 50% to 70% Slower Rate of Decline

The research indicated those taking troriluzole had a 50% to 70% slower rate of decline compared with untreated patients, which it explained represented a delay in disease progression of 1.5 years to 2.2 years over the three-year study period.

Biohaven said that it plans to submit a New Drug Application to the FDA in the fourth quarter of this year, and with approval expects to have troriluzole on the market in the U.S. next year.

The news sent shares of Biohaven into positive territory for 2024.