Ovid to focus on rare epilepsy program after Phase III failure for gaboxadol in Angelman syndrome

Ovid is shifting its focus to its other late-stage program, soticlestat, after gaboxadol failed in the Phase III NEPTUNE study to treat Angelman syndrome.

Ovid Therapeutics Inc. (NASDAQ:OVID) fell $3.65 (55%) to $3 on Wednesday after announcing late Tuesday that gaboxadol (OV101) missed the primary endpoint of an improvement in the overall score of the Clinical Global Impression-Improvement-Angelman syndrome (CGI-I-AS) scale, with gaboxadol-treated patients showing a 0.7 point improvement vs. an 0.8 point improvement in the placebo group...