PaxMedica Inc, a Phase 2 biotech developing therapies for neurodevelopmental disorders, revived its IPO plans to raise up to $9 million. PaxMedica was founded in 2018 and planned to list on the Nasdaq under the symbol PXMD.
Check out the company website here.
It initially filed for an IPO in July 2020 for $15 million.
According to the most recent prospectus, the company plans to offer 1.6 million shares and warrants to purchase 108,181 shares at $5.50 - $6.50.
The company's lead candidate, PAX-101, is an intravenous formulation of suramin.
The company is also developing PAX-102, a proprietary intranasal formulation of suramin, for autism spectrum disorder (ASD) and other neurologic disorders.
In February 2021, the company announced positive topline data from its Phase 2 dose-ranging trial evaluating PAX-101 for treating the core symptoms of ASD.
For its lead candidate, management plans to seek U.S. FDA marketing approval for East African HAT (commonly known as African sleeping sickness) as early as 2024 and then leverage such approval to expand the treatment scope to ASD, Myalgic Encephalomyelitis/Chronic Fatigue Syndrome, and long COVID syndrome.
Earlier this PaxMedica started Phase 1b trial of PAX-101 for long COVID-19 syndrome in South Africa.
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