Ovid Therapeutics Announces Pricing of $50 Million Offering of Common Stock
August 25 2020 - 7:50AM
Ovid Therapeutics Inc. (Nasdaq: OVID), a biopharmaceutical company
committed to developing medicines that transform the lives of
patients with rare neurological diseases, today announced the
pricing of an underwritten offering (the “Offering”) of 6,250,000
shares of its common stock. The offering price of each share of
common stock was $8.00. The Offering is expected to close on August
27, 2020, subject to customary closing conditions.
Cowen and William Blair are acting as joint book-running
managers for the Offering. RBC Capital Markets is acting as lead
manager and Ladenburg Thalmann is acting as co-manager for the
Offering.
Ovid Therapeutics expects to receive gross proceeds of $50.0
million from the Offering, before deducting underwriting discounts
and estimated offering expenses. Ovid Therapeutics intends to use
the net proceeds from the Offering primarily to advance the
clinical development program of OV935 for developmental and
epileptic encephalopathies, the clinical development program of
OV101 for Angelman syndrome and Fragile X syndrome and
pre-commercialization activities for OV101, 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 a shelf registration statement on Form S-3
filed with the Securities and Exchange Commission (“SEC”), which
became effective on June 19, 2018. A final prospectus supplement
related to the Offering will be filed with the SEC and will be
available on the SEC's website at http://www.sec.gov. A copy of the
final prospectus supplement relating to the Offering may be
obtained, when available, by contacting Cowen and Company, LLC at
c/o Broadridge Financial Solutions, 1155 Long Island Avenue,
Edgewood, New York, 11717, Attn: 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, Attn: 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.
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).
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
Offering, 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 Offering. Additional risks that
could cause actual results to differ materially from those in the
forward-looking statements are set forth in the final prospectus
supplement related to the Offering and in Ovid’s other filings with
the Securities and Exchange Commission under the caption “Risk
Factors”. Such risks may be amplified by the COVID-19 pandemic and
its potential impact on Ovid’s business and the global economy.
There can be no assurance that Ovid will be able to complete the
proposed Offering. 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
Ovid Therapeutics (NASDAQ:OVID)
Historical Stock Chart
From Aug 2024 to Sep 2024
Ovid Therapeutics (NASDAQ:OVID)
Historical Stock Chart
From Sep 2023 to Sep 2024