NEW HAVEN, Conn., Nov. 1, 2016 /PRNewswire/ -- Biohaven Pharmaceutical Holding Company Ltd. ("Biohaven"), a privately-held biopharmaceutical company with particular expertise in late stage clinical development and a portfolio of multiple late stage assets, announced today the successful completion of an oversubscribed $80 million private financing. The round was led by Venrock and joined by other leading biotech investors including RA Capital Management, Vivo Capital, Aisling Capital, Rock Springs Capital, John W. Childs, Knoll Capital Management, Osage University Partners, Aperture Venture Partners, Connecticut Innovations, Greg Bailey and Litmore Capital. Two undisclosed blue chip pharmaceutical companies also participated in the round as part of in-licensing agreements with Biohaven. Cowen and Company served as the lead strategic advisor and placement agent for the transaction. William Blair served as a co-placement agent. Biohaven was represented in this transaction by a team of attorneys from Locke Lord LLP lead by Douglas Gray, Ralph Loren, Tamer Tullgren and Michael Conroy.
Vlad Coric, M.D., CEO at Biohaven, commented, "We are pleased to welcome these new investors as partners in our company and our mission to bring novel treatments to patients suffering from unmet medical needs. With this financing, we have a strong financial foundation from which we can develop our late stage clinical pipeline and advance new therapies into clinical trials." The new and existing investors in Biohaven comprise some of the leading biotech funds in the industry who have backed multiple successful biopharmaceutical companies. Proceeds from this financing will be used to advance the company's late stage clinical programs in orphan neurologic indications and other trials in areas of large unmet medical needs. Biohaven plans to initiate Phase 2/3 studies in 4Q2016 and in 2017.