Ovid Therapeutics plummets after Takeda's drug fails in late-stage studies

Ovid Therapeutics

17/06/2024 12:52

** Share of Ovid Therapeutics  OVID.O  sink 56.5% to $1.43
premarket
    ** Takeda  4502.T  says its seizure drug, soticlestat, 
failed in late-stage studies; U.S.-listed shares of the Japanese
drugmaker down marginally
    ** 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
    ** Co will prioritize and pursue its programs with financial
discipline and expects its 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
    ** Up to last close, OVID shares up 2.17% YTD

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