Ovid Therapeutics Announces Senior Management Promotions in Preparation for Multiple Data Readouts Expected in 2020
November 01 2019 - 8:00AM
Ovid Therapeutics Inc. (NASDAQ: OVID), a biopharmaceutical company
committed to developing medicines that transform the lives of
people with rare neurological diseases, today announced two senior
leadership changes to further build the company’s capabilities as
it approaches topline results from the pivotal Phase 3 NEPTUNE
trial for OV101 in Angelman syndrome, expected in mid-2020. Ovid’s
Chief Medical Officer and Head of Research and Development, Amit
Rakhit, M.D., MBA, has been promoted to President, in which role he
will oversee several functions including commercial, research and
development, regulatory, and manufacturing. Amit will retain his
title as Chief Medical Officer. In addition, Timothy Daly has been
promoted to Executive Vice President, Finance to oversee the
company’s operations, finance and IT. Tim will retain his title as
Treasurer. Both positions will report to Ovid’s Chairman and Chief
Executive Officer, Jeremy Levin, D.Phil., MB, BChir.
“2020 is a data-rich year with inflection points across our
pipeline, including our pivotal Phase 3 data readout for OV101 in
Angelman syndrome,” said Dr. Levin. “In preparation for these
events, Amit and Tim will focus on all relevant capabilities
required for our next stage of growth. Amit has been instrumental
in driving success across Ovid’s programs, and under his
exceptional leadership he will continue to propel the evolution of
these exciting programs. As we have grown, Tim’s leadership and
oversight of our finances and operations have been critical, and as
we evolve, he will now lead and integrate additional key functions.
I am delighted to announce their promotions today, both of which
are very well deserved, and look forward to their continued
leadership and guidance.”
Amit Rakhit, M.D., MBA, has served as Ovid’s Chief Medical
Officer since March 2016 and Chief Medical Officer and Head of
Research and Development since March 2019. Previously, Dr. Rakhit
was Senior Vice President, Head of Worldwide Medical at Biogen
Inc., from 2014 to 2016 and Vice President, Program Leadership from
2011 to 2014 where he led the Spinraza® and dexpramipexole
development programs. Earlier, he worked at Bristol-Myers Squibb
Company for 10 years, where he held several roles of increasing
responsibility in both clinical development (Plavix® and Avapro®
teams) and international medical affairs to support the
development, launch execution and life cycle management of several
products across the company’s portfolio. Dr. Rakhit earned his B.A.
in molecular and cell biology from the University of California,
Berkeley, M.D. from Tufts University School of Medicine, and dual
MBAs from Columbia University and London Business School. Dr.
Rakhit completed his fellowship in pediatric cardiology at Harvard
Medical School and was previously on staff at Boston Children’s
Hospital.
Timothy Daly joined Ovid in September 2015, and has served
in positions of increasing responsibility, most recently as
Treasurer and Senior Vice President, Finance and Corporate
Controller. Prior to Ovid, Mr. Daly was Vice President of Finance
and Corporate Controller at Advanced Health Media LLC, a global
provider of technology to healthcare professionals. Previously, he
served as Vice President, Controller and Chief Accounting Officer
at Enzon Pharmaceuticals, Inc., a publicly held pharmaceutical
company. Before that, Mr. Daly served in various operational
finance roles during his 12-year tenure at ImClone Systems
Incorporated, including during the commercial launch of Erbitux®,
and most recently as Director of Finance. Mr. Daly earned his B.S.
in accounting from Rider University.
About Ovid TherapeuticsOvid 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. The company’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).
For more information on Ovid, please visit
http://www.ovidrx.com/.
Forward-Looking Statements This press release
includes certain disclosures that contain “forward-looking
statements,” including, without limitation, statements regarding
advancing Ovid’s product candidates, progress, timing, scope and
the potential therapeutic benefits based on results of clinical
trials for Ovid’s product candidates; and the anticipated reporting
schedule of clinical data regarding Ovid’s product candidates. You
can identify forward-looking statements because they contain words
such as “will,” “believes” and “expects.” Forward-looking
statements are based on Ovid’s current expectations and
assumptions. Because forward-looking statements relate to the
future, they are subject to inherent uncertainties, risks and
changes in circumstances that may differ materially from those
contemplated by the forward-looking statements, which are neither
statements of historical fact nor guarantees or assurances of
future performance. Important factors that could cause actual
results to differ materially from those in the forward-looking
statements include the fact that initial data from clinical trials
may not be indicative, and are not guarantees, of the final results
of the clinical trials and are subject to the risk that one or more
of the clinical outcomes may materially change as patient
enrollment continues and/or more patient data become
available. Additional risks that could cause actual results
to differ materially from those in the forward-looking statements
are set forth in Ovid’s filings with the Securities and Exchange
Commission under the caption “Risk Factors”. Ovid assumes no
obligation to update any forward-looking statements contained
herein to reflect any change in expectations, even as new
information becomes available.
Spinraza® is a registered trademark of BiogenPlavix® and Avapro®
are registered trademarks of Sanofi-Aventis Erbitux® is a
registered trademark of Eli Lilly and Company
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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