Ovid Therapeutics Announces Proposed Concurrent Public Offerings of Common Stock and Preferred Stock
October 03 2019 - 4:01PM
Ovid Therapeutics Inc. (Nasdaq: OVID), a biopharmaceutical company
committed to developing medicines that transform the lives of
patients with rare neurological diseases, today announced that it
intends to offer and sell shares of its common stock and Series A
convertible preferred stock (the “Series A preferred stock”) in two
concurrent but separate underwritten public offerings. Neither of
the proposed common stock offering or the Series A preferred stock
offering (together, the “Offerings”) are contingent upon the
consummation of the other. The Offerings are subject to market and
other conditions, and there can be no assurance as to whether or
when the Offerings may be completed, or the actual size or terms of
the Offerings.
Cowen and William Blair are acting as joint book-running
managers for the Offerings. Ovid Therapeutics expects to grant the
underwriters a 30-day option to purchase additional shares of
common stock in the proposed common stock offering of up to 15% of
the aggregate number of shares offered in the common stock
offering.
Ovid Therapeutics intends to use the net proceeds from the
Offerings primarily to advance the clinical development of its
OV101 and OV935 programs and the remainder of the net proceeds for
working capital and general corporate purposes.
The securities described above are being offered by Ovid
Therapeutics pursuant to an effective shelf registration statement
on Form S-3 filed with the Securities and Exchange Commission
(“SEC”) dated June 19, 2018. Preliminary prospectus supplements
relating to the Offerings will be filed with the SEC and will be
available on the SEC’s website at http://www.sec.gov. Copies of the
preliminary and final prospectus supplements relating to the
Offerings may be obtained, when available, by contacting Cowen at
c/o Broadridge Financial Solutions, 1155 Long Island Avenue,
Edgewood, New York, 11717, Attention: Prospectus Department, by
email at PostSaleManualRequests@broadridge.com or by telephone at
(833) 297-2926; or William Blair at 150 North Riverside Plaza,
Chicago, Illinois 60606, Attention: Prospectus Department, by
telephone at 800-621-0687 or by email at
prospectus@williamblair.com.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy these securities, nor shall there
be any sale of these securities in any state or other jurisdiction
in which such offer, solicitation or sale would be unlawful prior
to the registration or qualification under the securities laws of
any such state or other jurisdiction.
About Ovid Therapeutics Inc.
Ovid Therapeutics Inc. is a New York-based biopharmaceutical
company using its BoldMedicine® approach to develop medicines that
transform the lives of patients with rare neurological disorders.
Ovid has a broad pipeline of potential first-in-class medicines.
Ovid’s most advanced investigational medicine, OV101 (gaboxadol),
is currently in clinical development for the treatment of Angelman
syndrome and Fragile X syndrome. Ovid is also developing OV935
(soticlestat) in collaboration with Takeda Pharmaceutical Company
Limited for the potential treatment of rare developmental and
epileptic encephalopathies (DEE).
Forward-Looking Information is Subject to Risk and
Uncertainty
Investors are cautioned that statements in this press release,
including regarding expectations as to the intention, size,
completion, timing and use of proceeds relating to the proposed
Offerings, constitute forward-looking statements that involve risks
and uncertainties, including, without limitation, risks and
uncertainties related to market conditions and the satisfaction of
customary closing conditions related to the proposed public
offering. Words such as "may," “intend,” “will,” “potential,” and
similar expressions are intended to identify forward-looking
statements. These forward-looking statements are based upon
Ovid’s current expectations. Ovid’s actual results and the timing
of events could differ materially from those anticipated in such
forward-looking statements as a result of these risks and
uncertainties, which include, without limitation, risks related to
market conditions and the satisfaction of customary closing
conditions related to the proposed Offerings. These and other risks
facing Ovid can be found under the heading "Risk Factors" in Ovid’s
periodic reports, including its quarterly report on Form 10-Q for
the quarter ended June 30, 2019 and other filings with the SEC.
There can be no assurance that Ovid will be able to complete the
proposed Offerings. Ovid expressly disclaims any obligation or
undertaking to release publicly any updates or revisions to any
forward-looking statements contained herein to reflect any change
in its expectations with regard thereto or any change in events,
conditions or circumstances on which any such statements are
based.
Contacts
Investors and Media:Ovid Therapeutics
Inc.Investor Relations & Public Relationsirpr@ovidrx.com
Or
Investors: Steve KlassBurns McClellan,
Inc.sklass@burnsmc.com (212) 213-0006
Media: Katie Engleman 1AB katie@1abmedia.com
(919) 333-7722
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