Welcome to our dedicated page for Ovid Therapeutics news (Ticker: OVID), a resource for investors and traders seeking the latest updates and insights on Ovid Therapeutics stock.
Ovid Therapeutics Inc. (NASDAQ: OVID) is a pioneering biopharmaceutical company dedicated to creating transformative medicines for patients and families affected by rare neurological disorders. The company’s primary focus is on developing treatments for conditions such as Angelman syndrome and Fragile X syndrome through its innovative drug candidates, OV101 and OV935.
OV101, Ovid’s lead drug candidate, is designed to address the symptoms of Angelman syndrome and Fragile X syndrome. The company has initiated the Phase 2 STARS trial to evaluate the efficacy of OV101 in adults with Angelman syndrome and is also conducting a Phase 1 trial in adolescents to identify suitable doses for younger patients. These efforts underscore Ovid’s commitment to advancing treatments for underserved communities.
In collaboration with Takeda Pharmaceutical Company Limited, Ovid is developing OV935 for the treatment of rare epileptic encephalopathies. This partnership aims to leverage both companies' strengths to accelerate the development of novel therapies. Ovid’s pipeline features a range of potential first-in-class and in-class mechanisms of action, highlighting the company's innovative approach to tackling rare epilepsies and seizure-related neurological disorders.
Ovid Therapeutics is also committed to maintaining transparency and fostering a supportive community. The company’s Community Guidelines, available on their website, outline their dedication to integrity and patient-focused values.
Recent corporate updates include the announcement of fourth-quarter and annual 2023 financial results and the first-quarter 2024 financial results, which provide insights into the company’s financial health and strategic direction. Ovid continues to make significant strides in its clinical and research pipeline, aiming to bring meaningful change to the lives of those affected by rare neurological disorders.
Ovid Therapeutics has signed an exclusive licensing deal with AstraZeneca for a library of early-stage small molecules aimed at the KCC2 transporter, including lead candidate OV350. This initiative is intended to enhance Ovid's pipeline for anti-epileptic therapies. The agreement involves a $5 million upfront payment and $7.5 million in Ovid shares, with additional potential milestones totaling up to $203.5 million. OV350 has shown promising results in preclinical studies for resistant epilepsy forms, targeting neuronal hyperexcitability.
Ovid Therapeutics announced advancements in its business development program, aiming to enhance its pipeline of CNS medicines. The company is currently enrolling patients in two pivotal Phase 3 trials for soticlestat targeting Lennox-Gastaut and Dravet syndromes. As of Q3 2021, Ovid reported $201.8 million in cash and equivalents, with zero revenue compared to $6.9 million in Q3 2020. The company’s net loss narrowed to $11.4 million, improving from $16.4 million year-over-year. Ovid plans to submit three INDs in three years, with OV329 targeted for 2022.
Ovid Therapeutics Inc. (NASDAQ: OVID) has appointed Dr. Kevin Fitzgerald to its Board of Directors. Dr. Fitzgerald brings over 20 years of experience in drug discovery, currently serving as Chief Scientific Officer at Alnylam Pharmaceuticals. His expertise in transforming scientific innovations into commercial medicines is expected to enhance Ovid's neuroscience development programs. Ovid focuses on developing therapies for rare neurological diseases, and Fitzgerald's addition is anticipated to strengthen the company's strategic approach in targeting central nervous system disorders.
Ovid Therapeutics (NASDAQ: OVID) announced a virtual presentation at the H.C. Wainwright 23rd Annual Global Investment Conference, scheduled for September 13, 2021, at 7:00 a.m. EDT. The event will feature on-demand viewing, accessible through the company's website. Ovid is focused on developing treatments for neurological diseases, with a pipeline that includes OV329 for seizures related to Tuberous Sclerosis Complex, OV882 for Angelman syndrome, and OV815 for KIF1A associated neurological disorders. The company also has significant interests in soticlestat, currently under development for Dravet syndrome and Lennox-Gastaut syndrome.
Ovid Therapeutics reported zero revenue for Q2 2021 and a net loss of $15.8 million, improving from a $22.6 million loss in Q2 2020. The company ended the quarter with $212.2 million in cash. Operating expenses were $14.3 million, with adjusted operating expenses of $10.0 million, aligning with guidance. Leadership appointments aim to enhance its neuroscience focus, including Dr. Michael Poole to the board. Ovid terminated a previous agreement with Takeda for soticlestat, transferring R&D responsibilities while retaining milestone and royalty rights.
Ovid Therapeutics (NASDAQ: OVID) announced significant leadership changes aimed at advancing its neuroscience initiatives. Dr. Michael Poole joins the Board, bringing over 30 years of expertise. Dr. Claude Nicaise has been appointed Head of R&D, while Jason Tardio becomes Chief Operating Officer. The company is focusing on early-stage development and has reduced its workforce by 25% to streamline operations. Dr. Amit Rakhit transitions to the Scientific and Clinical Advisory Board after contributing significantly to Ovid's management team.
Ovid Therapeutics announced its participation in the Ladenburg Thalmann 2021 Healthcare Conference on July 14, 2021, at 9:30 a.m. ET. The presentation will be conducted virtually, and interested individuals can access a live webcast on the Company's website. An archived replay will be available afterward. Ovid is focused on developing treatments for rare neurological diseases, featuring a pipeline that includes therapies for Tuberous Sclerosis Complex, Angelman syndrome, and other conditions.
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.
Ovid Therapeutics Inc. (NASDAQ: OVID) recently announced the appointment of Joy A. Cavagnaro, Ph.D., and Bruce A. Sullenger, Ph.D., to its Scientific Advisory Board. These appointments aim to enhance Ovid's neuroscience expertise and drive development in rare neurological diseases. Dr. Cavagnaro brings over 30 years of experience in biotechnology and preclinical development, while Dr. Sullenger is a pioneer in translational research and RNA technology. Both are expected to significantly contribute to Ovid's mission of developing innovative treatments.
Ovid Therapeutics has closed a significant royalty, license, and termination agreement with Takeda for the investigational medicine soticlestat, receiving an upfront payment of $196.0 million with potential milestone payments up to $660.0 million and double-digit royalties on future sales. The company reported first-quarter 2021 revenue of $208.4 million, a stark increase from zero in the previous year, with a net income of $176.0 million. However, it terminated its agreement with Angelini Pharma and will discontinue the OV101 program for Angelman syndrome.
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