NEW YORK, Aug. 25, 2020 (GLOBE NEWSWIRE) -- 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 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.

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).