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Ovid Therapeutics Announces Pricing of $32.5 Million of Securities in Concurrent Public Offerings of Common Stock and Preferred Stock
NEW YORK, Oct. 04, 2019 (GLOBE NEWSWIRE) -- Ovid Therapeutics Inc. (Nasdaq: OVID), a biopharmaceutical company committed to developing medicines that
About this update from Ovid Therapeutics Inc.
[{"type":"text","content":"NEW YORK, Oct. 04, 2019 (GLOBE NEWSWIRE) -- Ovid Therapeutics Inc. (Nasdaq: OVID), a biopharmaceutical company committed to developing medicines that transform the lives of patients with rare neurological diseases, today announced the pricing of two concurrent but separate underwritten public offerings (together, the “Offerings”) of (i) 9,000,000 shares of its common stock and (ii) 4,000 shares of its non-voting Series A Convertible Preferred Stock (the “Series A preferred stock”). The public offering price of each share of common stock is $2.50 and the public offering price of each share of Series A preferred stock is $2,500 (each share of Series A preferred stock is convertible into 1,000 shares of common stock). In addition, Ovid Therapeutics has granted the underwriters a 30-day option to purchase additional shares of common stock of up to 15% of the aggregate number of shares offered in the common stock offering. The Offerings are expected to close on October 8, 2019, subject to customary closing conditions.\n As described above, each share of Series A preferred stock is convertible into 1,000 shares of common stock, provided that conversion will be prohibited, subject to certain exceptions, if, as a result, the holder and its affiliates would beneficially own more than, at the written election of the holder, either 9.99% or 14.99% of the total number of shares of our common stock then issued and outstanding. In addition, upon written notice to Ovid Therapeutics, the holders may elect to increase or decrease such percentage limitation to any other number less than or equal to 19.99%. Cowen and William Blair are acting as joint book-running managers for the Offerings. JMP Securities and Ladenburg Thalmann are acting as co-managers for the Offerings. Ovid Therapeutics expects to receive combined gross proceeds of $32.5 million from the Offerings, before deducting underwriting discounts and offering expenses. Ovid Therapeutics intends to use the net proceeds from the Offerings primarily to advance the clinical development of its OV101 and OV935 programs and the remainder of the net proceeds for working capital and general corporate purposes. The securities described above are being offered by Ovid Therapeutics pursuant to an effective shelf registration statement on Form S-3 filed with the Securities and Exchange Commission (“...