Ovid hits record low as developer Takeda says seizure drug fails

Ovid Therapeutics

17/06/2024 15:34

(Updates)
    ** Shares of Ovid Therapeutics  OVID.O  sink 67.8% to record
low of $1.05 
    ** Takeda  4502.T  says seizure drug, soticlestat, failed in
late-stage studies
    ** In 2021, Takeda secured the global rights to the drug
from Ovid by making an upfront payment of $196 million; Ovid was
also eligible to get up to an additional $660 million in
milestone payments and commercial revenues
    ** Will prioritize and pursue programs with financial
discipline and expects cash runway to last into the first half
of 2026 - OVID
    ** Takeda was studying soticlestat in patients with Dravet
Syndrome and Lennox-Gastaut Syndrome - two epileptic disorders
    ** OVID stock down ~66% YTD

 (Reporting by Sriparna Roy in Bengaluru)
 ((Sriparna.Roy@thomsonreuters.com;))