Ovid Therapeutics Inc. (OVID), Friday announced positive topline results from its Phase 1 healthy volunteer study, evaluating OV329 for the treatment of the potential treatment of rare and treatment-resistant forms of epilepsy and seizures.
The trial involved 68 healthy volunteers, including 51 participants taking active treatment and 17 participants receiving placebo, across single and multiple ascending dose cohorts.
The study, assessing safety, tolerability, pharmaco-kinetic and pharmacodynamic activity of OV329, found that the treatment penetrates the brain, engages the target and achieves biological modulation as expected of elevated levels of GABA, the major inhibitory neurotransmitter.
Moreover, OV329 delivered statistically significant inhibition of GABA-AT as measured across multiple metrics, as well as matched or exceeded inhibition demonstrated by therapeutic doses of first-generation GABA-AT inhibitor.
In light of these encouraging findings, the company has planned to advance OV329 into a Phase 2a study in drug-resistant focal onset seizures and completing a final enabling study to support regulatory filings for its first oral KCC2 direct activator, OV4071, in early 2026.
Concurrently, the company has announced a securities purchase agreement for a private investment in public equity financing, expecting to generate proceeds of up to $175 million, including initial proceeds of approximately $81 million.
The company intends to use the proceeds, along with existing cash, to provide financing for research and development, general corporate expenses, and working capital needs.
The financing, set to close on or about October 6, 2025, is expected to fund its operating plan into 2028.
In the pre-market hours, OVID is climbing 16.3 percent, to $1.92 on the Nasdaq.
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June 19, 2026 16:46 ET Major central banks continued to dominate the economic news flow this week too, led by the Federal Reserve, as they announced their latest policy decisions. The Federal Reserve policy session was in focus as it was the first to be led by the new chief Kevin Warsh. In Europe, central banks of the U.K. and Switzerland announced their rate decisions. In Asia, the Bank of Japan drew attention for its policy moves, while data out of China threw some light on the state of the economy.