NEW YORK - Ovid Therapeutics Inc . (NASDAQ: NASDAQ:OVID), a biopharmaceutical company focusing on rare epilepsies and brain conditions, announced today the appointment of Amanda Banks, M.D., as Chief Development Officer. Dr. Banks will lead the clinical development, medical, and regulatory affairs at Ovid, as well as corporate development strategy.
Dr. Banks, with her extensive experience in neurology and clinical strategy, is expected to play a pivotal role as Ovid evaluates strategic paths and partnerships for its therapeutic programs.
These programs include the Rho associated coiled-coil containing protein kinase 2 (ROCK2) inhibition and potassium chloride co-transporter 2 (KCC2) direct activator platforms, which are believed to have applications in various brain disorders.
Jeremy Levin, Chair and CEO of Ovid Therapeutics, expressed confidence in Dr. Banks' capabilities, citing her medical expertise and track record in business development as critical for advancing Ovid's pipeline. Dr. Banks shared her enthusiasm for joining Ovid, highlighting the potential of the company's programs to address unmet medical needs.
Before her new role, Dr. Banks co-founded Blackfynn and held leadership positions at Maxygen and Valentis. She is also recognized for her contributions to clinical development and strategic partnerships in the biotech sector.
Dr. Banks earned her M.D. from the University of Pittsburgh School of Medicine and completed her residency at the University of Pennsylvania, where she continues to serve as a hospitalist at the Veteran Affairs Medical Center of Philadelphia.
Ovid Therapeutics is advancing a pipeline of small molecule candidates targeting neuronal hyperexcitability, with several potential treatments in development, including OV888/GV101 for rare CNS diseases, OV329 for treatment-resistant seizures, and OV350 for epilepsies and psychiatric conditions.
This news is based on a press release statement from Ovid Therapeutics and reflects the company's current expectations for its development strategy and pipeline progress.
InvestingPro Insights
As Ovid Therapeutics Inc. (NASDAQ: OVID) welcomes Dr. Amanda Banks to steer its clinical and corporate development strategy, the company's financial metrics and market performance provide a backdrop for investors considering its potential. With a market capitalization of $62.08 million, Ovid's financial health is highlighted by its ability to maintain more cash than debt on its balance sheet, an InvestingPro Tip that may reassure investors of the company's solvency.
Moreover, the dynamic nature of Ovid's stock is evident, with analysts revising their earnings upwards for the upcoming period and noting the stock's high price volatility. The latter is substantiated by a significant price drop over the last year, with a year-to-date total return of -72.83% and a six-month total return of -76.67%, reflecting the challenges and investor sentiment surrounding the company.
Despite these hurdles, Ovid's revenue growth has been notable, with an increase of 283.93% in the last twelve months as of Q1 2024. This surge indicates a positive trajectory for the company's sales, although analysts anticipate a sales decline in the current year, which may impact Ovid's future financial performance.
Investors interested in Ovid Therapeutics can find additional InvestingPro Tips, including insights on the company's cash burn rate and profitability expectations, by visiting https://www.investing.com/pro/OVID. These tips can provide a deeper understanding of the company's financial nuances and inform investment decisions.
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