Business
Ovid Therapeutics Reports Business Update, Fourth Quarter and Full Year 2022 Financial Results
OV329 Phase 1 trial is progressing on trackAn IV formulation candidate suitable for future clinical trials has been achieved for OV350, one of several
About this update from Ovid Therapeutics Inc.
[{"type":"text","content":"OV329 Phase 1 trial is progressing on trackAn IV formulation candidate suitable for future clinical trials has been achieved for OV350, one of several compounds from the Company’s KCC2 activator portfolioTakeda's guidance on soticlestat remains unchanged; anticipates regulatory filings in its FY 2024Current cash runway expected to fund operations into the first half of 2025 NEW YORK, March 13, 2023 (GLOBE NEWSWIRE) -- Ovid Therapeutics Inc. (NASDAQ: OVID), a biopharmaceutical company committed to developing medicines that transform the lives of people with epilepsies and seizure-related disorders, today provided a business update and reported financial results for the fourth quarter and full year ended December 31, 2022. “Ovid has significant momentum entering 2023. OV329, our next generation GABA-aminotransferase inhibitor program, is being actively studied in healthy volunteers. In the first half of 2024, we anticipate data characterizing OV329’s potential efficacy using a biomarker as well as its initial safety profile. In addition, Takeda is progressing the study of soticlestat in two, pivotal Phase 3 trials of patients with Dravet and Lennox-Gastaut syndromes,” said Jeremy Levin, D.Phil, MB BChir., Chairman and CEO of Ovid Therapeutics. \"We continue to refine our development pipeline of differentiated anti-seizure medicines while maintaining fiscal and strategic focus to drive long-term shareholder value,” remarked Dr. Levin. 2022 Business Strategy & Update R&D strategy: Ovid is advancing a differentiated pipeline of programs that use potential first-in-class and best-in-class mechanisms of action to act upon under-addressed biological targets implicated in causing seizures. This pipeline has produced two clinical development programs, soticlestat (which was repurchased by Takeda) and OV329, which are being studied in Phase 3 and Phase 1 trials, respectively. In addition, the Company continues to advance several research-stage, small molecule anti-seizure programs.Financial strategy: The Company is directing its capital to programs that it believes represent value-creating opportunities for shareholders, and anticipates its cash runway should fund operations into the first half of 2025. To support this strategy, Ovid instituted cost-cutting measures that began in 2022 and continue into this year. In addition, Ovid is eligi...