Ovid Therapeutics Appoints Dr. Amanda Banks, Experienced Biotech Leader & Physician as Chief Development Officer

Rhea-AI Summary

Ovid Therapeutics (NASDAQ: OVID) has appointed Dr. Amanda Banks as Chief Development Officer. Dr. Banks will oversee clinical development, medical, and regulatory affairs functions, as well as drive corporate development strategy. Her expertise in neurology, clinical strategy, and business development is expected to help Ovid unlock potential therapeutic opportunities in their ROCK2 inhibition and KCC2 direct activator platforms.

Dr. Banks brings a strong track record in business leadership and securing transformational partnerships. Her experience spans multiple therapeutic areas, including neurology, oncology, metabolic disorders, and infectious disease. Prior to joining Ovid, she co-founded and served as CEO of Blackfynn, a data platform company focused on accelerating therapeutics development for neurological diseases.

Positive

• Appointment of experienced biotech leader and physician as Chief Development Officer
• Dr. Banks brings expertise in neurology, clinical strategy, and business development
• Potential for broad applications of ROCK2 inhibition and KCC2 direct activator platforms in various indications
• Dr. Banks' experience in securing transformational partnerships could accelerate pipeline development

Negative

• None.

NEW YORK, Aug. 08, 2024 (GLOBE NEWSWIRE) -- Ovid Therapeutics Inc. (NASDAQ: OVID), a biopharmaceutical company dedicated to improving the lives of people affected by rare epilepsies and brain conditions, today announced the appointment of Amanda Banks, M.D., as Chief Development Officer. Dr. Banks will oversee Ovid’s clinical development, medical, and regulatory affairs functions as well as drive corporate development strategy and execution in partnership with the Company’s leadership team.

Dr. Banks brings to Ovid broad and deep experience in neurology, clinical strategy, and business development. Her strategic acumen will serve Ovid at an important juncture for the Company as it determines the optimal paths and partners to unlock the potential therapeutic opportunities associated with Ovid's programs. Specifically, the unique mechanisms of action in the Rho associated coiled-coil containing protein kinase 2 (ROCK2) inhibition and potassium chloride co-transporter 2 (KCC2) direct activator platforms may have broad applications in a range of different indications, including disorders caused by neurovascular dysfunction, neuroinflammation and hyperexcitability. Some of these opportunities Ovid will pursue independently, and others through potential partnerships.

“Amanda’s unique combination of intellect, medical expertise, and business acumen, along with her proven track record of entrepreneurship makes her an exceptional addition to our team,” said Jeremy Levin, D. Phil, MB BChir, Chair and Chief Executive Officer of Ovid Therapeutics. “Her extensive experience in clinical, medical, and business development within the biotech industry positions her perfectly to drive our development efforts at Ovid. We believe she will be instrumental in advancing our differentiated pipeline.”

“This is a pivotal moment for Ovid, and I am excited to join this team to help leverage the full potential of these programs,” said Dr. Banks. “Ovid’s pipeline programs target unique pathways in the brain that are implicated in a range of diseases that currently have unmet needs. I look forward to working with the team to focus our pipeline and accelerate its development through creative deals. This is a unique opportunity to bring multiple novel classes of medicines to patients who need better treatment options,” she added.

Dr. Banks has a strong track record in business leadership, operational excellence and securing transformational partnerships to create value from early-stage assets. Dr. Banks has deep and direct experience across multiple therapeutic areas, particularly neurology, oncology, metabolic disorders, and infectious disease. As a clinical strategist and trialist, she has helped to shape and progress multiple clinical-stage drug development programs. Prior to joining Ovid, Dr. Banks co-founded and served as the CEO of Blackfynn, a data platform company focused on accelerating the development of therapeutics for neurological diseases. Prior to Blackfynn, Dr. Banks spent over a decade in a variety of business development roles for early-stage biotech companies, including at Maxygen and Valentis, where she helped drive M&A, strategic partnerships with pharmaceutical companies, and asset acquisitions. Additionally, she has been an advisor to multiple companies on clinical development, financing, and corporate strategy. Dr. Banks holds an M.D. from University of Pittsburgh School of Medicine and a B.S. from Tufts University. She completed her residency in Internal Medicine at the University of Pennsylvania where she remained on clinical faculty, as well as developed novel care delivery pathways in her role at the Penn Medicine Center for Healthcare Innovation. She continues to take care of patients as a hospitalist at the Veteran Affairs Medical Center of Philadelphia.

About Ovid Therapeutics
Ovid Therapeutics Inc. is a New York-based biopharmaceutical company that is dedicated to meaningfully improving the lives of people affected by certain epilepsies and brain conditions with seizure symptoms. The Company is advancing a pipeline of novel, targeted small molecule candidates that modulate the intrinsic and extrinsic factors involved in neuronal hyperexcitability causative of seizures and other neurological symptoms. Ovid is developing: OV888/GV101 capsule, a potent and highly selective ROCK2 inhibitor capsule, for the potential treatment of cerebral cavernous malformations and other rare CNS diseases; OV329, a GABA-aminotransferase inhibitor, a potential therapy for treatment-resistant seizures; and OV350, a direct activator of the KCC2 transporter, for the potential treatment of epilepsies and other psychiatric conditions. For more information about these and other Ovid research programs, please visit www.ovidrx.com.

Forward-Looking Statements
This press release includes certain disclosures by Ovid that contain “forward-looking statements,” including, without limitation: statements regarding Ovid’s potential future business development opportunities and statements regarding the potential use and development of OV888/GV101, OV329, and OV350 and compounds from Ovid’s library of direct activators of KCC2. You can identify forward-looking statements because they contain words such as “advances,” “anticipates,” “believes,” “could,” “intends,” “may,” “potential,” “progress,” and “will” and similar expressions (as well as other words or expressions referencing future events, conditions or circumstances). Forward-looking statements are based on Ovid’s current expectations and assumptions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks, and changes in circumstances that may differ materially from those contemplated by the forward-looking statements, which are neither statements of historical fact nor guarantees or assurances of future performance. Important factors that could cause actual results to differ materially from those in the forward-looking statements include, without limitation, uncertainties inherent in the preclinical and clinical development and regulatory approval processes, risks related to Ovid’s ability to achieve its financial objectives, the risk that Ovid may not be able to realize the intended benefits of its technology or its business strategy, or risks related to Ovid’s ability to identify business development targets or strategic partners, to enter into strategic transactions on favorable terms, or to consummate and realize the benefits of any business development transactions. Additional risks that could cause actual results to differ materially from those in the forward-looking statements are set forth under the caption “Risk Factors” in Ovid’s Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission (“SEC”) on May 14, 2024, and in future filings Ovid makes with the SEC. Any forward-looking statements contained in this press release speak only as of the date hereof, and Ovid assumes no obligation to update any forward-looking statements contained herein, whether because of any new information, future events, changed circumstances or otherwise, except as otherwise required by law.

Contacts
Investors:
Garret Bonney
IR@ovidrx.com
617-735-6093

OR

Media:
Raquel Cabo
rcabo@ovidrx.com
646-647-6553

FAQ

Who is the new Chief Development Officer at Ovid Therapeutics (OVID)?

Dr. Amanda Banks has been appointed as the new Chief Development Officer at Ovid Therapeutics (OVID).

What are the main responsibilities of Dr. Amanda Banks at Ovid Therapeutics (OVID)?

Dr. Banks will oversee Ovid's clinical development, medical, and regulatory affairs functions, as well as drive corporate development strategy and execution in partnership with the Company's leadership team.

What are the key therapeutic platforms that Ovid Therapeutics (OVID) is developing?

Ovid Therapeutics is developing ROCK2 inhibition and KCC2 direct activator platforms, which may have broad applications in disorders caused by neurovascular dysfunction, neuroinflammation, and hyperexcitability.

What was Dr. Amanda Banks' role before joining Ovid Therapeutics (OVID)?

Before joining Ovid Therapeutics, Dr. Banks co-founded and served as the CEO of Blackfynn, a data platform company focused on accelerating the development of therapeutics for neurological diseases.