Biohaven closes $80m series A

The Yale spinout has closed an oversubscribed $80m funding round that featured Connecticut Innovations, boosting its total funding to $100m.

Biohaven Pharmaceutical, a biopharmaceutical spinout of Yale University, yesterday closed an $80m series A round from investors that included spinout-focused investment firm Osage University Partners.

The round was led by Venrock and further included state-backed Connecticut Innovations, Vivo Capital, RA Capital Management, Aisling Capital, Rock Springs Capital, Knoll Capital Management, Aperture Venture Partners and Litmore Capital, as well as angel investors John Childs and Greg Bailey.

The spinout previously achieved a first close at $40m in November 2016 from the same investors.

Founded in 2013, Biohaven has developed a range of late-stage candidates for neurological diseases, including rare disorders. The products are based on research conducted at Yale University.

The spinout has also licensed intellectual property from Harvard University’s teaching hospital Massachusetts General Hospital, Rutgers University, drug delivery technology developer Catalent and amyotrophic lateral sclerosis treatment developer ALS Biopharma, among other companies and institutions.

Albert Cha, managing partner at Vivo, and Eric Aguiar, partner at Aisling Capital, have joined the board of directors. Nimish Shah, vice-president at Venrock, and Peter Kolchinsky, managing director at RA Capital Management, have joined as observers.

Kam Shah, chief financial officer of biotechnology company Portage Biotech, has resigned from Biohaven’s board but will continue to provide financial advice.

Biohaven has now secured more than $100m in total funding, according to its latest press release. Portage Biotech first committed $3.5m in 2014, before leading a $4.1m funding round in 2015.

– This article originally appeared on our sister site Global University Venturing.

See more from this Government Report: Connecticut (CT), US


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