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Ovid Therapeutics to raise $32.5M via common, preferred stock offerings

Ovid Therapeutics Inc. priced underwritten public offerings of common and preferred stock to raise $32.5 million in gross proceeds.

The New York-based biotechnology company is selling 9 million common shares for $2.50 each and 4,000 nonvoting series A convertible preferred shares for $2,500 apiece.

Each series A share can be converted into 1,000 common shares of the company.

Underwriters have a 30-day option to buy up to an additional 15% of the common shares offered.

Ovid Therapeutics expects the separate but concurrent offerings to close Oct. 8, subject to closing conditions.

Proceeds will be used for further clinical development of OV101 for treating two genetic disorders — Angelman syndrome, a genetic disorder that affects the nervous system, and fragile X syndrome, which causes developmental problems.

Funds will also be used to advance OV935, which is being developed with Japan's Takeda Pharmaceutical Company Ltd. to treat rare developmental and epileptic encephalopathies.

Proceeds will also go toward working capital and general corporate purposes.

Cowen and William Blair are joint book-running managers, while JMP Securities and Ladenburg Thalmann are co-managers for the offerings.