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Ovid Therapeutics Inc (NASDAQ: OVID) shares have been on a steady downtrend since Aug. 6, 2018, when it released topline data from a Phase 2 study dubbed STARS that evaluated its OV101 for treating a genetic disorder known as Angelman syndrome.
On Monday, the stock bounced higher.
Microcap biotech Ovid made two presentations at the 71st annual meeting of the American Academy of Neurology in Philadelphia: one on the Phase 2 data from the STARS study in adolescents and adults with Angelman syndrome, and another on approaches to assess outcomes in Fragile X syndrome.
The data pertained to OV101, chemically gaboxadol and the only delta-selective GABAA receptor agonist. It is also the first investigational drug to specifically target the disruption of tonic inhibition, a central physiological process of the brain believed to be the underlying cause of certain neurodevelopmental disorders, the company said.
Angelman syndrome is a rare genetic disorder that manifests as delayed development, intellectual disability, severe speech impairment, problems with movement and balance, seizures, sleep disorders and anxiety.
It is mostly caused by the loss of function of the gene that codes for ubiquitin protein ligase E3A, which is critical for nerve cell communication.
Why It's Important
Angelman syndrome affects approximately 1 in 12,000 to 1 in 20,000 people in the U.S., according to Ovid. There are no FDA-approved therapies for the syndrome, and it is primarily treated with behavioral interventions and pharmacologic management of symptoms.
Ovid said it continues to expect to initiate a global Phase 3 study dubbed NEPTUNE in children with Angelman's syndrome in the second half of 2019.
Ovid shares were up 16.94 percent at $2.14 at the close Monday.
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