Issue link: https://nebusinessmedia.uberflip.com/i/1528357
HARTFORDBUSINESS.COM | OCTOBER 28, 2024 11 Prevention is Power: Your Mammogram Can't Wait Early detection of breast cancer is important. Mammograms are safe, fast, and easier than you may think. If you or someone you love is concerned about breast disease, Saint Francis Hospital offers comprehensive resources for screening, diagnosis and treatment for cysts, lumps, breast pain and breast cancer. For scheduling information, please scan the QR code or visit TrinityHealthOfNE.org/Mammo. The company has been able to attract marquee investors despite the fact that, as investors are gener- ally made aware, "past performance does not indicate future success," he said. Investors are drawn to Biohaven because it now has a track record of successfully developing drugs and providing a return on investment, Coric said. Still, Coric's enthusiasm for Biohaven remains tempered by the fact that science does not always cooperate. The reality is, getting a drug to market is incredibly difficult and expensive. It's estimated that 90% of clinical drug development fails. Biohaven, for example, announced in 2022 that one of its drug candidates aimed at helping patients suffering from ALS proved to be ineffective against the disease in a clinical trial. And for a drug that does make it across the finish line, it typically takes 10 to 15 years and up to $2 billion in investment to get federal approval for clinical use, according to research experts. Biohaven reported a $499.3 million loss during the first six months of this year, according to its latest quarterly report, as it spent signifi- cantly ($470.8 million) on research and development. It reported $18.5 million in operating revenue during that time period. "The hard part about what we do is that the science will always humble you," Coric said. "We are running experiments that we don't know the outcomes for, and everything will not work. … Investors and others will look at it day-to-day, week-to-week, but in science, advances occur over long periods of time." 'A startup again' A lot hinges on the success of the drugs currently being developed, of course, but Biohaven is prepared for future growth. The company has acquired multiple key downtown New Haven properties in the past few years, including 209 Church St., which it bought for $2.35 million in May. The building is next door to its headquarters at 215 Church St. In early 2022, Biohaven bought the former landmark Quinnipiack Club at Church and Orange streets for $4.1 million. Asked about the property acqui- sitions, Coric said they represent keeping one eye on the future. "We are a startup again, and we have to be very careful about not letting our infrastructure costs get too high, so we make appropri- ately sized investments," he said. "We are actually now on three contiguous lots in New Haven. The goal won't be to develop those in the next six months or so, but if we continue to make progress like we are, and all these pipeline assets, or the majority of them continue to advance and grow value for us, we ultimately are going to need to hire more people. We're going to need to have more lab space, and so we now have contiguous property in New Haven to grow." Future plans could include hiring a commercial sales staff, if and when a new drug hits the market. "R&D is the engine that drives all these studies," he said. "So, when we get a next drug approved, we will have to prepare for a launch again and be able to hire a commercial organization. But we're not quite there." To accommodate future growth, Biohaven has acquired multiple key downtown New Haven properties in the past few years, including 209 Church St., which it bought for $2.35 million in May. PHOTO | COSTAR