Michail_Petrov-96 Shares of Ovid Therapeutics ( NASDAQ: OVID ) plunged 66% early Monday after the company said that two Phase 3 studies for its drug soticlestat failed to their meet primary endpoints. Ovid said the first study, called SKYLINE, narrowly missed meeting its primary endpoint of reducing convulsive seizure frequency in patients with Dravet syndrome. A second study, called SKYWAY, failed to meet its primary endpoint of reducing major motor drop seizures in patients with Lennox-Gastaut syndrome, according to a statement .
The clinical trials were conducted by Takeda ( NYSE: TAK ), which bought the rights to the drug about three years ago. Ovid retains a financial interest in the product, according to its website. Takeda plans to discuss results from the studies with regulators to determine the next steps for the drug.
Looking ahead, Ovid said it plans to prioritize its programs and anticipates several upcoming clinical milestones. The company added that it expects to have enough cash to fund operations into the first half of 2026. More on Ovid Therapeutics, Takeda Pharmaceutical, etc.
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