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Biohaven Leaps After Posting $93M Sales for Migraine Drug

Biohaven's Nurtec was approved for migraine treatment in February 2020 and for prevention this past May. Q2 sales: $93 million.

Biohaven Pharmaceutical  (BHVN) - Get Biohaven Pharmaceutical Holding Company Ltd. Report shares leaped on Wednesday after the biopharma said its migraine drug registered $93 million of sales in the second quarter.

Nurtec ODT was approved by the U.S. Food and Drug Administration for acute migraine treatment in February 2020 and for preventive treatment in May 2021

From product launch through June 30, prescriptions for the drug totaled more 750,000 via some 38,000 individual prescribers. 

Nurtec produced more than $200 million of revenue during that period, according to MarketWatch.

Biohaven recently traded at $109.59, up 11%. It had climbed 19% in the six months through Tuesday.

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"During the quarter, we saw robust growth of Nurtec in the acute treatment of migraine and initial strong growth in the preventive treatment of episodic migraine,” said Vlad Coric, Biohaven’s chief executive.

In other health news, Advaxis  (ADXS) - Get Advaxis, Inc. Report said Tuesday that it agreed to be purchased by peer biotech Biosight of Lod, Israel, for stock.

At closing, Biosight holders will own 75% of the company and Advaxis holders will own 25%.

The combined company will be named Biosight Therapeutics and trade on Nasdaq with the ticker symbol BSTX.

Meanwhile, Iterum Therapeutics  (ITRM) - Get Iterum Therapeutics Plc Report said Friday that it received a letter from the FDA saying that deficiencies were found in its treatment for urinary-tract infections.

The letter stated that as “part of their ongoing review of the company’s new drug application for sulopenem etzadroxil/probenecid, the agency has identified deficiencies that preclude the continuation of the discussion of labeling and post-marketing requirements/commitments at this time,” Iterum said.