The neurological disorder drug developer has floated in an initial public offering that gave pharmaceutical companies Sanofi and Takeda exits.
Ovid Therapeutics, a US-based neurological disorder therapy developer backed by pharmaceutical firms Takeda and Sanofi, has raised $75m in an initial public offering, issuing 5 million shares priced at $15.00 each.
Ovid is developing drugs to treat rare neurological disorders and will use $35m of the proceeds to finish a phase 2 trial for its lead product candidate, OV101, for adults, and a phase 1 trial for children, suffering from the genetic disorder Angelman syndrome.
An additional $17m will…
