Ovid Therapeutics Raises $60M Via Private Placement to Fund OV329 Expansion
Ovid Therapeutics has secured $60 million through a private PIPE financing, selling 19,154,321 common shares at $2.01 and pre-funded warrants for 10,701,710 shares at $2.009 each. The proceeds will fund OV329’s expansion into tuberous sclerosis complex and infantile spasms as well as general R&D.
1. PIPE Financing Terms
Ovid filed a securities purchase agreement for a private investment in public equity financing totaling $60.0 million before fees. The company will issue 19,154,321 common shares at $2.01 per share and pre-funded warrants for 10,701,710 shares at $2.009 each, exercisable immediately at $0.001 per share.
2. Investor Participation
Point72 led the financing, joined by Adage Capital Management, ADAR1 Capital Management, Affinity Asset Advisors, Ally Bridge Group, Balyasny Asset Management, Coastlands Capital, Eventide Asset Management, Janus Henderson Investors and RA Capital Management.
3. Planned Use of Funds
Net proceeds, combined with existing cash and marketable securities, will support the expansion of next-generation GABA-aminotransferase inhibitor OV329 into tuberous sclerosis complex and infantile spasms, along with general research and development expenses.