Ovid floats on Nasdaq with $75 million initial public offering

5 May 2017

New York-based Ovid Therapeutics (Nasdaq: OVID) listed on the Nasdaq stock exchange Friday, pricing its initial public offering of 5 million shares at $15 each. After its first morning’s trading, the price had fallen about 10%.

The company is focused on developing therapies for patients with rare neurological disorders. Ovid’s lead candidate, OV101, is currently in development for the treatment of symptoms of Angelman syndrome and Fragile X syndrome.

South African Jeremy Levin leads the company, a former Teva Pharmaceutical (NYSE: TEVA) chief executive who also championed the influential ‘string of pearls’ strategy of pipeline development at Bristol-Myers Squibb (NYSE: BMY).

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