Business
Ovid Therapeutics Reports Third Quarter 2021 Business Update, Corporate Highlights and Financial Results
Ovid is implementing its business development program which intends to secure a series of opportunities that complement and enhance its pipeline of precision
About this update from Ovid Therapeutics Inc.
[{"type":"text","content":"Ovid is implementing its business development program which intends to secure a series of opportunities that complement and enhance its pipeline of precision and small-molecule CNS medicinesA development program for soticlestat, which Ovid licensed to Takeda, has begun enrolling patients in two pivotal, Phase 3 trials for Lennox-Gastaut and Dravet syndromesCompany ended the third quarter of 2021 with cash and cash equivalents of $201.8 million NEW YORK, Nov. 10, 2021 (GLOBE NEWSWIRE) -- Ovid Therapeutics Inc. (NASDAQ: OVID), a biopharmaceutical company committed to developing medicines that transform the lives of people with rare neurological diseases, today provided a business update and reported corporate highlights and financial results for the quarter ended September 30, 2021. Ovid reported its strategic intent to pursue a series of business development opportunities aimed at complementing and enhancing its pipeline of small-molecule and next-generation medicines. The Company seeks to acquire platform technologies for the purpose of delivering precision therapeutics that act on rare genetic targets in the brain. Additionally, Ovid plans to complement its early-stage pipeline with precision-medicine and small-molecule assets that align with its demonstrated clinical development competencies. The Company will prioritize potential medicines that can: deliver clear mechanistic targeting, leverage defined clinical endpoints, and fill significant needs for underserved rare disease communities. “We have the capital, the expert team and the right strategy in place to unlock value in the rapidly growing field of rare neurology,” said Jeremy M. Levin, D.Phil, MB BChir, Chairman and Chief Executive Officer of Ovid Therapeutics. \"With the perspectives of renowned biotech leaders who have recently joined our board and advisory team, we believe Ovid has the knowledge and access to pursue differentiated technologies and medicines for the brain. We look forward to providing updates on our business development activities.\" Business Update Ovid conducted a strategic review of approximately 100 potential programs and confirmed desired areas of business development to apply its capital and expertise. As part of this process, neuroscience and biotech experts from Ovid’s Board and Scientific and Clinical Advisory group have been actively involv...