Biohaven adds $80 million and two new board members after second private placing

Biohaven Pharmaceutical, a privately-held, clinical stage biopharmaceutical company focused neurological diseases, has completed the second tranche of its previously disclosed $80 million private financing, and has welcomed new board members, which saw one board member step down. 

With previously raised money in the first tranche, Biohaven has now raised over $100 million. The financing was led by Venrock and joined by other leading biotech investors including Vivo Capital, RA Capital Management, Aisling Capital, Rock Springs Capital, John W. Childs, Greg Bailey, Knoll Capital Management, Osage University Partners, Aperture Venture Partners, Connecticut Innovations, and Litmore Capital. All investors taking part in the first tranche were present in the second.

After the closing of the second tranche, Albert Cha and Eric Aguiar have been appointed as directors of Biohaven. Dr. Cha is a Managing Partner at Vivo Capital. He currently serves on the boards of directors of Ascendis Pharma A/S, Kalvista Pharmaceuticals, and several private companies. Dr. Aguiar is a partner at Aisling Capital. He is a member of the board of directors of Invitae Corporation, the Board of Overseers of the Tufts School of Medicine and a member of the Council on Foreign Relations.

The arrival of the new directors, Kam Shah, Chief Financial Officer of Portage Biotech, Inc., has resigned from the Biohaven board, but will be around for financial consulting.

“Albert and Eric bring significant clinical, financial, risk management and operational expertise to the Board and further enhance Biohaven’s corporate governance capabilities. Their operational expertise and experience serving as directors of other biotechnology companies will be valuable to our growing business, and we are pleased to welcome them to Biohaven’s Board of Directors,” said Declan Doogan, Chairman of Biohaven’s Board of Directors.

Furthermore, joining the Board as observers are Nimish Shah, MPH, MBA, Vice President at Venrock, and Peter Kolchinsky, Ph.D., Managing Director of RA Capital Management.

Vlad Coric, Chief Executive Officer of Biohaven, said, “With the closing of this financing, we have not only strengthened the company’s financial position but also added key additional expertise to our Board of Directors.  Albert and Eric each have a track record of helping other small biotech companies build value for their stakeholders.”