Stealth New York-based startup Ovid Therapeutics just raised $5 million, according to a regulatory filing.
CEO Matthew During, an accomplished neuroscientist, declined to comment on the fundraise, though he told me last week that some interesting announcements are forthcoming. In the meantime, here are some bits and pieces from which we can draw conjecture:
The company’s chairman is former Teva Pharmaceuticals CEO Jeremy Levin. A recent piece on Levin in Biopharma Reporter referred to Ovid as “an extremely private company based in New York, backed by significant private equity funds and focused on neurology.”
The article continues:
Levin is set to disclose more about the company in the next few weeks but for now told us: “I regard it as one of the most exciting companies that I have seen in many years, and it is a privilege to be its Chairman.”
Some Googling links the company with FAST – the Foundation for for Angelman Syndrome Therapeutics, a philanthropy focused on this neurodegenerative disorder. Of course, that association dates back to 2012 – and we know how frequently biotechs pivot indications. Still, this is what we have for now.
So what’s Angelman Syndrome? It’s a genetic, neurodevelopmental condition that makes walking, balance and talking difficult. Those who have it are most known for their angelic faces – they smile tons and have frequent outbursts of laughing.
A Deep-dive Into Specialty Pharma
A specialty drug is a class of prescription medications used to treat complex, chronic or rare medical conditions. Although this classification was originally intended to define the treatment of rare, also termed “orphan” diseases, affecting fewer than 200,000 people in the US, more recently, specialty drugs have emerged as the cornerstone of treatment for chronic and complex diseases such as cancer, autoimmune conditions, diabetes, hepatitis C, and HIV/AIDS.
Whether or not this neuroscience startup is developing a therapy for this particular indication, it’s a fascinating space: We certainly have need to find ways to effectively treat genetic neurodegenerative disease.
[Image courtesy of Flickr user Fun Flying]
