Ovid Therapeutics Sells Ganaxolone Royalty Rights for $7M to Immedica Pharma

Ovid Therapeutics Inc. (NASDAQ:OVID) is one of the best penny stocks under $1 to buy now. On June 25, Ovid Therapeutics announced a definitive agreement with Immedica Pharma AB. Under this agreement, Ovid will sell its future royalty rights related to sales of ganaxolone outside of China for $7 million in cash.

In 2024, Ovid recorded ~$566,000 in ganaxolone royalty revenues. This transaction will not impact Ovid’s current pipeline, as the company has not been actively developing ganaxolone. The sale of royalty rights to Immedica includes those stemming from an exclusive patent license agreement Ovid entered into with Marinus Pharmaceuticals Inc. in February 2022.

A close-up of a medicine bottle, illustrating the efforts in providing adult solid tumor treatment options.

Under that prior agreement, Ovid was entitled to receive royalties on ganaxolone sales for CDKL5 deficiency disorder/CDD in the US and Europe. In a related development, Immedica announced the completion of its acquisition of Marinus in February this year. Immedica has also agreed to acquire or license Ovid’s global ganaxolone intellectual property/IP portfolio and amend the existing license to cover additional indications.

Ovid Therapeutics Inc. (NASDAQ:OVID) is a biopharmaceutical company that develops impactful medicines for patients and families with epilepsies and seizure-related neurological disorders in the US.

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Disclosure: None. This article is originally published at Insider Monkey.