Ovid Therapeutics to price convertible preferred stock offering

By Abigail W. Adams

Portland, Me., Feb. 19 – Ovid Therapeutics Inc. plans to price a convertible preferred stock offering concurrently with a public stock offering, according to a 424B5 filing with the Securities and Exchange Commission.

Cowen and Co. LLC and William Blair & Co. LLC are joint bookrunners for the registered offering.

The convertible preferred stock will pay dividends equal to dividends paid on the common stock.

The convertible preferred stock will not be listed for trade. The securities will be freely convertible provided conversion would not cause holders to own more than 9.99% of the total number of outstanding shares.

Proceeds from the convertible preferred stock and common stock offering will be used to advance the development of two of the company’s products and for general corporate purposes.

Ovid Therapeutics is a New York-based biopharmaceutical company.

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