Levin takes lead at Ovid, strikes Lundbeck deal

Newco Ovid Therapeutics Inc. (New York, N.Y.) said veteran dealmaker Jeremy Levin has taken the helm as CEO and in-licensed the biotech's first asset. The Orphan neurology play received exclusive, worldwide rights to gaboxadol ( OV101) from H. Lundbeck A/S (CSE:LUN) and will begin Phase II testing next year to treat Angelman syndrome and Fragile X syndrome. Gaboxadol is a selective agonist of extrasynaptic GABA A receptors that contain the delta subunit.

Lundbeck had been developing the product for sleep disorders but discontinued it in 2007 after Phase III trials because of PK problems associated with the need for high Cmax in that indication. In Angelman and Fragile X, lower doses and lower Cmax are desired. Based on mouse studies, gaboxadol is expected to restore tonic inhibition to relieve motor function symptoms in Angelman and Fragile X. ...