Ovid raises $75M in series B round

Neurology play Ovid Therapeutics Inc. (New York, N.Y.) raised $75 million in a series B round led by new investor Fidelity. New investors Cowen; Sanofi-Genzyme BioVentures; Tekla Capital Management; Sphera Global Healthcare Fund; Jennison Associates; Redmile Group; Cormorant Asset Management; undisclosed mutual funds and life sciences investors participated, along with existing investors DoubleLine Equity Healthcare Fund and undisclosed private investors.

Ovid plans to begin Phase II testing in 2016 of gaboxadol ( OV101) to treat Angelman syndrome and Fragile X. The company obtained exclusive, worldwide rights to the selective extrasynaptic GABA A receptor agonist in April from H. Lundbeck A/S (CSE:LUN). ...