Ovid Therapeutics Appoints Jeff Rona as Chief Business and Financial Officer

Rhea-AI Summary

Ovid Therapeutics Inc. (NASDAQ: OVID) announces that Chief Business Officer Jeffrey Rona has expanded his role to include Chief Financial Officer responsibilities, streamlining its corporate strategy. CEO Jeremy Levin highlighted this move as essential for enhancing operational efficiency. Rona, with over 25 years of experience in life sciences, expressed enthusiasm for leading the company's growth strategies. Ovid continues to focus on developing therapies for rare neurological disorders, with pipeline programs including OV329, OV882, and OV815.

Positive

• Jeffrey Rona's expansion to CFO role may strengthen leadership and strategic alignment.
• Ovid's focus on rare neurological disorders presents significant market opportunity.
• Ovid's pipeline includes promising therapies like OV329 and OV882.

Negative

• Concerns regarding continuity as leadership roles are consolidated.
• Potential experience gap in financial leadership due to shift in roles.

– Broadened role enables deeper focus on the Company’s business strategy –

NEW YORK, June 04, 2021 (GLOBE NEWSWIRE) -- Ovid Therapeutics Inc. (NASDAQ: OVID), a biopharmaceutical company committed to developing medicines that transform the lives of people with rare neurological diseases, today announced that current Chief Business Officer Jeffrey Rona has expanded his role to include Chief Financial Officer responsibilities.

“Ovid is moving forward with a very focused corporate strategy. Combining the business development and financial functions and strategy is another step we have taken to simplify and empower the company to move nimbly and effectively,” said Jeremy M. Levin, DPhil, MB, BChir, Chairman and Chief Executive Officer of Ovid Therapeutics. “Jeff is a terrific professional and has accomplished much at Ovid. I welcome him into this expanded role and look forward to working with him more closely.”

“Ovid’s plans for its future are exciting. I look forward to collaborating with the Executive team and Board to drive the Company’s business and financial growth strategy,” commented Mr. Rona. “Leading the corporate and business development efforts, financial reporting and planning, and building relationships with the investment community, are critical to advancing Ovid’s mission. I welcome the opportunity to take on these roles.”

Jeffrey Rona has more than 25 years of experience as an investment banker, Chief Business Officer, and Chief Financial Officer in the life sciences. Prior to joining Ovid Therapeutics, he was the Western region Managing Director for Danforth Advisors, a life science financial strategy consultancy. Previously, he held the titles of Chief Business Officer at GlobeImmune, Chief Financial Officer at AlgoRx Pharmaceuticals, Chief Financial Officer at Great Basin Scientific, and Director, Investment Banking at UBS. He received his Bachelor of Science degree in accounting from Case Western Reserve University.

About Ovid Therapeutics

Ovid Therapeutics Inc. is a New York-based biopharmaceutical company using its BoldMedicine^® approach to develop medicines that transform the lives of patients with rare neurological disorders. We believe these disorders represent an attractive area for drug development as the understanding of the underlying biology has grown meaningfully over the last few years and today represents a substantial opportunity medically and commercially. Based on recent scientific advances in genetics and the biological pathways of the brain, we aim to identify, discover and acquire novel compounds for the treatment of rare neurological disorders. We have built a deep knowledge of such disorders, how to treat them and how to develop the clinically meaningful endpoints required for development of a compound in these disorders. We continue to execute on our strategy to build this pipeline by discovering, in-licensing and collaborating with leading biopharmaceutical companies and academic institutions. Ovid’s emerging pipeline programs include OV329, a small molecule GABA aminotransferase inhibitor for seizures associated with Tuberous Sclerosis Complex and Infantile Spasms; OV882, a short hairpin RNA therapy approach for Angelman syndrome; OV815, a genetic therapy approach for KIF1A associated neurological disorder; and other non-disclosed research targets. Additionally, Ovid maintains a significant financial interest in a program directed to the exploitation of soticlestat, for which Takeda is responsible for the global development and commercialization, if soticlestat is successfully developed and commercialized. Two phase 3 trials for soticlestat in Dravet syndrome and Lennox-Gastaut syndrome are expected to begin in mid-2021. For more information on Ovid, please visit www.ovidrx.com.

Forward-Looking Statements

This press release includes certain disclosures that contain “forward-looking statements,” including, without limitation, statements regarding the development of Ovid’s pipeline and the clinical and regulatory development and commercialization of soticlestat. You can identify forward-looking statements because they contain words such as “will,” “appears,” “believes” and “expects.” 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 in the development and regulatory approval processes, and the fact that initial data from pre-clinical and clinical trials may not be indicative, and are not guarantees, of the final results of the trials and are subject to the risk that one or more of the clinical outcomes may materially change as patient enrollment continues and/or more patient data become available. Additional risks that could cause actual results to differ materially from those in the forward-looking statements are set forth in Ovid’s filings with the Securities and Exchange Commission under the caption “Risk Factors.” Such risks may be amplified by the COVID-19 pandemic and its potential impact on Ovid’s business and the global economy. Ovid assumes no obligation to update any forward-looking statements contained herein to reflect any change in expectations, even as new information becomes available.

Contacts

Investors and Media:
Ovid Therapeutics Inc.
Investor Relations & Public Relations
irpr@ovidrx.com 

OR

Investors:
Argot Partners
Dawn Schottlandt
212-600-1902
ovid@argotpartners.com 

Media:
Dan Budwick
1AB
dan@1abmedia.com 

FAQ

What management change occurred at Ovid Therapeutics in June 2021?

Jeffrey Rona expanded his role to include Chief Financial Officer responsibilities.

How might Jeffrey Rona's new role impact Ovid Therapeutics?

His combined leadership could enhance strategic focus and financial management.

What is Ovid Therapeutics' focus area in drug development?

Ovid concentrates on developing medicines for rare neurological disorders.

Which key pipeline programs are under development at Ovid Therapeutics?

Ovid's pipeline includes OV329, OV882, and OV815, targeting various neurological disorders.

What are the potential risks associated with Ovid's management consolidation?

There could be continuity concerns and an experience gap in financial leadership.