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Biohaven shares rise thanks to positive results for drug against rare neurological diseases

Key findings

  • Biohaven said its experimental treatment for a rare neurological disorder had demonstrated a “robust and clinically meaningful” slowing of the disease.
  • The study on the drug troriluzole showed a 50 to 70 percent slower deterioration in patients with spinocerebellar ataxia (SCA) over a period of three years.
  • The news sent Biohaven shares soaring 15% and resulted in positive annual results.

Biohaven (BHVN) shares rose 15% on Monday after the biotechnology company announced positive results from a study of its experimental treatment for a rare neurological disease.

The company reported that data collected from multiple analyses of its drug troriluzole showed “a robust and clinically meaningful slowing of disease progression” over three years in patients with spinocerebellar ataxia (SCA).

Biohaven pointed out that SCA is a progressively debilitating neurodegenerative disease that affects approximately 15,000 people in the United States and 24,000 in Europe and the United Kingdom, and there is no Food and Drug Administration (FDA)-approved drug for it.

Among drug users, the decline was 50 to 70 percent slower

The research results showed that the deterioration in patients taking troriluzole progressed 50 to 70 percent more slowly than in untreated patients. This means a delay in the course of the disease by 1.5 to 2.2 years over the three-year study period.

Biohaven said it plans to submit a New Drug Application to the FDA in the fourth quarter of this year. Once approved, it expects to launch troriluzole in the U.S. next year.

The news pushed Biohaven shares higher for 2024.

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