Business
Ovid Therapeutics Reports First Quarter 2023 Financial Results and Corporate Updates
Initiated collaboration with Graviton Bioscience to develop selective ROCK2 inhibitors for rare neurological diseasesLong-term data supporting soticlestat
About this update from Ovid Therapeutics Inc.
[{"type":"text","content":"Initiated collaboration with Graviton Bioscience to develop selective ROCK2 inhibitors for rare neurological diseasesLong-term data supporting soticlestat safety, tolerability and seizure-reduction efficacy presented by Takeda at the American Academy of Neurology meetingOV329 Phase 1 trial continues to progress on track with no safety signals Company to prioritize development of its clinical small molecule programs; intends to conclude and explore the out-licensing of its genetic medicine programs with Columbia University NEW YORK, May 05, 2023 (GLOBE NEWSWIRE) -- Ovid Therapeutics Inc. (NASDAQ: OVID), a biopharmaceutical company committed to developing medicines that transform the lives of people with rare epilepsies and seizure-related disorders, today reported business updates and financial results for the first quarter ended March 31, 2023. “Our recent transaction with Graviton adds a clinical stage program with a novel mechanism of action to our pipeline of potential first-in-class or potential best-in-class medicines for rare epilepsies and seizure-related disorders. We are excited to explore the therapeutic opportunity of applying ROCK2 inhibition for people suffering with serious neurological conditions, beginning with brainstem cavernous malformations, a grave condition that has no approved medicine today,” said Jeremy Levin, D.Phil, MB BChir, Ovid's Chairman and CEO. “Importantly, all elements of our pipeline are progressing. We are encouraged by long-term and post hoc analyses on soticlestat, recently presented by Takeda, and look forward to seeing results from the Phase 3 pivotal trials. Additionally, we have assembled a unique set of programs, anchored by four potential best-in-class or only-in-class mechanisms of action, including: selective ROCK2 inhibition, GABA-aminotransferase inhibition, direct KCC2 activation and cholesterol 24-hydroxylase inhibition that was since out-licensed to Takeda. The mechanisms in this pipeline strategically position Ovid to be a leader in rare seizure-related disorders. Collectively, we believe these programs will deliver multiple clinical milestones that can generate value for patients and shareholders,” added Dr. Levin. First Quarter Business Update R&D strategy: Ovid is prioritizing its pipeline of small molecule programs, to which it recently added GV101 and a library of novel R...