08:12 AM EDT, 06/17/2024 (MT Newswires) -- Ovid Therapeutics ( OVID ) on Monday distanced itself from Takeda (TAK) after its potential epilepsy and neurology drug soticlestat failed to meet its primary endpoints in phase 3 studies.

Ovid, which sold its rights to soticlestat back to Takeda three years ago, said it was "surprised and disappointed" by the results of the studies. Chief Executive Jeremy Levin said, however, the company has used the funds from the sale to build an "exciting and differentiated pipeline" and that its R&D and financial strategy is "independent of soticlestat's outcome."

The company said it has enough cash on hand to finance operations into the H1 of 2026.

Ovid shares were down more than 65% in recent Monday premarket activity.

Price: 1.2400, Change: -2.05, Percent Change: -62.31