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Ovid Therapeutics Announces Pricing of $60 Million Private Placement
Proceeds expected to support expansion of next-generation GABA-aminotransferase inhibitor, OV329, into tuberous sclerosis complex and infantile
About this update from Ovid Therapeutics Inc.
[{"type":"text","content":"Proceeds expected to support expansion of next-generation GABA-aminotransferase inhibitor, OV329, into tuberous sclerosis complex and infantile spasmsFinancing led by Point72 with participation from additional investors including Adage Capital Management, ADAR1 Capital Management, Affinity Asset Advisors, LLC, Ally Bridge Group, Balyasny Asset Management, Coastlands Capital, Eventide Asset Management, Janus Henderson Investors and RA Capital Management NEW YORK, March 18, 2026 (GLOBE NEWSWIRE) -- Ovid Therapeutics Inc. (Nasdaq: OVID), a biopharmaceutical company developing small molecule medicines for brain disorders with significant unmet need, today announced that it has entered into a securities purchase agreement for a private investment in public equity (“PIPE”) financing that is expected to result in gross proceeds of $60.0 million to the Company, before placement agent fees and offering expenses. The PIPE financing is expected to close on or about March 19, 2026, subject to satisfaction of customary closing conditions. The PIPE financing is being led by Point72 with participation from existing investors, including Adage Capital Management, ADAR1 Capital Management, Affinity Asset Advisors, LLC, Ally Bridge Group, Balyasny Asset Management, Coastlands Capital, Eventide Asset Management, Janus Henderson Investors and RA Capital Management. Pursuant to the terms of the securities purchase agreement, the Company is selling an aggregate of 19,154,321 shares of its common stock at a purchase price of $2.01 per share and, in lieu of common stock, pre-funded warrants to purchase up to 10,701,710 shares of common stock, at a purchase price $2.009 for each pre-funded warrant. The pre-funded warrants will have an exercise price of $0.001 per share and will be immediately exercisable. The Company intends to use the net proceeds from the PIPE financing, together with the Company’s existing cash, cash equivalents and marketable securities, to provide financing to support the expansion of the development of OV329 into additional indications, including tuberous sclerosis complex and infantile spasms, as well as for general research and development expenses. Leerink Partners is acting as lead placement agent for the PIPE financing. Oppenheimer & Co. and LifeSci Capital are acting as co-placement agents for the PIPE financing. The offer an...