Ovid Therapeutics To Sell Future Royalties Of Ganaxolone For $7 Mln In Cash, Stock Up In Pre-Market

(RTTNews) - Ovid Therapeutics Inc. (OVID), Wednesday announced an agreement with with Immedica Pharma AB to sell future royalties related to sales of ganaxolone outside of China for $7 million in cash.

Additionally, Immedica would acquire or license the global ganaxolone intellectual property portfolio from Ovid, and amend the license to include additional indications.

Ovid stated that the capital infusion would support the company's ongoing operations. Meanwhile, the deal would strengthen Immedica's focus on ganaxolone, an adjunctive treatment for epileptic seizures associated with CDKL5 deficiency disorder.

In the pre-market hours, OVID is trading at $0.32, up 7.39 percent on the Nasdaq.