OVID provides update on OV 101 program and the prioritization of its resources.

Ovid Therapeutics Inc. announced an update on its OV 101 program and the prioritization of its resources to focus on the development of its robust early-stage pipeline, including OV 882, a short hairpin RNA therapy targeting UBE3A gene expression in neurons, as a potential treatment for Angelman syndrome. As part of this update, Ovid will discontinue development of OV 101 (gaboxadol), a delta-selective GABAA receptor agonist, in Angelman syndrome. Furthermore, Ovid does not plan to initiate further clinical studies of OV 101 in Fragile X syndrome. Following these updates, Ovid is reiterating its previous guidance of anticipated quarterly operating expenses, excluding non-cash expenses, to be in the range of $8 million to $10 million starting in the second quarter of 2021. The decision to discontinue clinical study of OV101 in Angelman syndrome and Fragile X syndrome is based on the totality of the clinical results generated to date, including results from the STARS, NEPTUNE, ELARA, and ROCKET trials. While OV 101 was well tolerated, with no significant safety signals observed, the Company believes that efficacy outcomes observed in these trials do not support its further development in these conditions.