OVID stock continues to move higher for the fourth straight session and jumps another 10% this morning after Ovid Therapeutics’ (NASDAQ:OVID) product “OV101” won orphan drug designation by the European Commission.
Another Key Announcement
Ovid Therapeutics, which is based out of New York, has been one of the bigger gainers in the biopharmaceutical space over the past week, and today, the company received significantly positive news again. In a new development, the company’s product OV101 has been awarded the coveted orphan drug designation by the European Commission, and it goes without saying that it is an important development. The medicine in question is meant for treating Angelman syndrome, and the European Commission reached the conclusion after the results of the Phase 2 STARS trial had been obtained.
The market realized the importance of the news and OVID stock rallied by as much as 20% once the news broke. In this regard, it is important to note that the medicine in question had already been given the designation of Orphan Drug and Fast Track designation by the all-powerful United States Food and Drug Administration. Hence, the fact that the medicine now has the green light in Europe is a major boost for Ovid.
Moreover, it is also worthwhile to keep in mind that currently there are no approved medicines for Angelman syndrome, so this could prove to be a huge opportunity for Ovid Therapeutics in the long run.
Since July 1, OVID stock has shot up by as much as 50% after it emerged that the vital Phase 3 Neptune trial for OV101 had been initiated by the FDA. It is one of the most important processes when it comes to getting approval from the FDA for any product, and it is going to take a bit of time. However, the development is significant, and it was no surprise when OVID stock rallied so strongly. The company is going to enroll patients in the testing program at some point in Q3 2019, and the initial results from the trial will become available at some point in the middle of next year.
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