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Ovid Therapeutics Reports Third Quarter 2022 Financial Results and Corporate Highlights
Ovid intends to initiate a Phase 1 study in healthy volunteers in Q4 2022, following the FDA clearance of an Investigational New Drug (IND) application for
About this update from Ovid Therapeutics Inc.
[{"type":"text","content":"Ovid intends to initiate a Phase 1 study in healthy volunteers in Q4 2022, following the FDA clearance of an Investigational New Drug (IND) application for OV329, its GABA-aminotransferase inhibitorThe Company ended Q3 2022 with cash, cash equivalents and marketable securities of $137.9 million, which is expected to support the advancement of Ovid's epilepsy pipeline into 2025 NEW YORK, Nov. 08, 2022 (GLOBE NEWSWIRE) -- Ovid Therapeutics Inc. (NASDAQ: OVID), a biopharmaceutical company developing medicines designed to conquer epilepsies and meaningfully improve the lives of people affected by brain disorders, today reported financial results and corporate highlights for the third quarter ended September 30, 2022. “During the third quarter, we successfully fulfilled several corporate objectives while we reduced quarter-over-quarter expenses,\" said Jeremy Levin, D. Phil, MB BChir, Chairman and Chief Executive Officer of Ovid. “We look forward to advancing OV329, our potent GABA-aminotransferase inhibitor, into human studies before year-end and are continuing to optimize our unique library of KCC2 activators to potentially treat a range of epilepsies. In addition, we entered into a strategic collaboration with Gensaic to harness its novel, non-viral platform for our genetic epilepsy programs. We believe the phage platform potentially averts the immune response and manufacturing costs associated with prior genetic platforms, such as adeno-associated viruses. Collectively, these efforts continue to progress our strategy of building a company with a leading epilepsy franchise poised for near- and long-term success.\" 2022 Corporate Highlights & Anticipated Milestones Pipeline Updates Ovid intends to initiate a Phase 1 trial in Q4 2022, following the FDA clearance of the Company's IND application for OV329. OV329 is a potent, next-generation GABA-aminotransferase (GABA-AT) inhibitor being developed for adults and children with treatment-resistant seizures. GABA-AT is a proven target in epilepsy. OV329 has the potential to deliver seizure reduction, an improved safety profile and preferred dosing relative to prior GABA-AT inhibitors. The Phase 1 trial of OV329 is planned to be conducted in healthy volunteers and will include single-dose and multiple ascending dose arms. The trial will use magnetic resonance spectrometry (MRS) to measur...