Ovid Therapeutics Raises $28.2 Million to Advance OV101 and OV935 Programs in Rare Neurological Disorders Through Collaboration with Takeda

VCBeat (WeChat Official Account: vcbeat) has learned that Ovid Therapeutics announced on the 20th that it had concurrently completed a public offering of 12.5 million shares of common stock at $2 per share, totaling $23.5 million, and 25,000 shares of Series A Preferred Stock, totaling $4.7 million, raising a total of $28.2 million. Each share of Series A Preferred Stock is convertible into 1,000 shares of common stock, with a price of $2,000 per share.

According to reports, Ovid Therapeutics was founded in New York, USA, in 2014. It is a biopharmaceutical company dedicated to developing therapeutic drugs for patients with rare neurological disorders. Ovid Therapeutics will use the $28.2 million raised in this financing round to advance the clinical development of its OV101 and OV935 programs, as well as for working capital and general corporate purposes.

The OV101 program focuses on the treatment of patients with Angelman syndrome and fragile X syndrome. These two syndromes are neurodevelopmental disorders caused by genetic mutations. In Angelman syndrome, the genetic mutation most commonly involves a microdeletion on chromosome 15. In fragile X syndrome, mutations in the fragile X mental retardation 1 (FMR1) gene located on the X chromosome lead to loss of FMRP protein expression. Both Angelman syndrome and fragile X syndrome are rare neurological disorders associated with developmental delays, physical features, and behavioral impairments. Currently, there are no approved drugs available on the market for either of these syndromes.

The OV935 program is dedicated to developing effective therapeutics for individuals with developmental and epileptic encephalopathies (DEEs), commonly referred to as rare epilepsies. Patients with DEEs typically experience onset in early life and face not only frequent seizures but also severe epilepsy-related cognitive and developmental impairments. CH24H is an enzyme predominantly expressed in the brain. Studies have shown that CH24H plays a role in pathways involving glutamate-mediated hyperactivation of neurotransmission, and that abnormalities in neurotransmitter levels and changes in glial cell glutamate uptake are closely associated with seizure activity. Ovid Therapeutics posits that targeting CH24H in patients can treat rare epilepsies by mitigating glutamate excess; OV-935 is a selective inhibitor of CH24H. Currently, Ovid Therapeutics is collaborating with Takeda Pharmaceutical Company to develop OV-935 for the treatment of rare epilepsies.

Regarding this collaboration, Emiliangelo Ratti, Head of Takeda, stated: “Ovid demonstrates high agility. The company has consistently focused on developing therapies for rare neurological disorders, and its highly differentiated expertise makes it well-suited to participate in this important initiative.”

Jeremy Levin, Chairman and Chief Executive Officer of Ovid, added, “This collaboration represents a creative alliance between a biotechnology company and a pharmaceutical company. It not only helps us better develop meaningful therapies to improve the lives of patients worldwide, but also fully leverages the value of both companies’ products and talent. The OV935 program will expand access to the therapy for younger patients and those with Dup15q syndrome. We hope that, through our joint efforts, we can bring about transformative change for patients with epilepsy as soon as possible.”

Takeda Pharmaceutical Company Limited is a research-based pharmaceutical company in Japan. The company’s operations are divided into two major categories: Pharmaceutical Business and Other Businesses. The Pharmaceutical Business includes the Prescription Drug Business and the Healthcare Business. Other Businesses encompass a range of product-related business activities involving production and sales.