NEW YORK, Nov. 01, 2019 (GLOBE NEWSWIRE) -- 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 Therapeutics
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).
For more information on Ovid, please visit http://www.ovidrx.com/.
