For two years, Ovid spun a Phase II miss as a win. The drug just failed Phase III

Two years ago, Ovid’s lead pro­gram failed in Phase II. Or at least that’s what an­a­lysts said.

Je­re­my Levin, the com­pa­ny’s CEO, ar­gued in­vestors mis­un­der­stood a study for a rare dis­ease they were un­fa­mil­iar with, and that while the drug missed a bunch of mea­sures, it hit on the one key end­point Ovid was look­ing for. In­vestors said they struck the end­point by dumb luck and would nev­er re­pro­duce the lone win in a larg­er study.

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