NEW YORK, May 04, 2017 (GLOBE NEWSWIRE) -- Ovid Therapeutics Inc., a biopharmaceutical company, announced today that it has priced its initial public offering of 5,000,000 shares of its common stock at a public offering price of $15.00 per share, for an aggregate offering of $75 million, before underwriting discounts, commissions and expenses. In addition, Ovid Therapeutics has granted the underwriters a 30-day option to purchase up to 750,000 additional shares of common stock at the initial offering price to cover over-allotments, if any. All of the common stock is being offered by Ovid Therapeutics.
The common stock will begin trading on The NASDAQ Global Select Market on May 5, 2017 under the trading symbol "OVID." The offering is expected to close on May 10, 2017, subject to customary closing conditions.
Citigroup and Cowen and Company are acting as joint book-running managers for the offering, and William Blair & Company, L.L.C. and JMP Securities are acting as co-managers for the offering.
A registration statement relating to the shares of common stock has been filed with the U.S. Securities and Exchange Commission and was declared effective on May 4, 2017. The offering of these shares is being made only by means of a final prospectus forming part of the effective registration statement relating to these shares. Copies of the final prospectus, when available, may be obtained by contacting Citigroup Global Markets Inc., c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, or by phone at (800) 831-9146 or Cowen and Company, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, Attention Prospectus Department or by phone at (631) 274-2806.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of shares of Ovid’s common stock in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of such state or jurisdiction.
About Ovid Therapeutics, Inc.
Ovid Therapeutics is a New York-based, biopharmaceutical company developing therapies for patients with rare neurological disorders. Ovid’s drug candidate, OV101, is currently in development for the treatment of symptoms of Angelman syndrome and Fragile X syndrome. Ovid is also developing OV935 in collaboration with Takeda Pharmaceutical Company Limited for the treatment of rare epileptic encephalopathies.
This press release includes certain disclosures which contain “forward-looking statements,” including, without limitation, statements regarding the anticipated timing of completion of the offering. You can identify forward-looking statements because they contain words such as “believes” and “expects.” Forward-looking statements are based on Ovid’s current expectations and assumptions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that may differ materially from those contemplated by the forward-looking statements, which are neither statements of historical fact nor guarantees or assurances of future performance. Important factors that could cause actual results to differ materially from those in the forward-looking statements are set forth in Ovid’s filings with the Securities and Exchange Commission, including its registration statement on Form S-1, as amended from time to time, under the caption “Risk Factors.”
Source: Ovid Therapeutics