PaxMedica Closes Public Offering of Approximately $7M, Continues Pursuing ASD Pipeline

NewMediaWire· Investor Brand Network
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LOS ANGELES, CA - (NewMediaWire) - December 07, 2023 - (InvestorBrandNetwork via NewMediaWire) - This original article is powered by IBN, a financial news, content creation and publishing company.

  • PaxMedica's total gross proceeds from the offering, before deducting the placement agent's fees and other offering expenses, were approximately $7 million

  • The company intends to use the proceeds to pay an outstanding promissory note, advance development programs, and general corporate purposes

  • PaxMedica received constructive feedback from its type-B meeting with the FDA, which will aid in completing the remaining paperwork necessary to file a New Drug Application

  • The company is currently working on commercial lots of PAX-101, which are expected during the first half of 2024, for the New Drug Application, which is expected to be filed during the second half of 2024

PaxMedica (NASDAQ: PXMD), a clinical-stage biopharmaceutical company focused on the development of novel anti-purinergic therapies ("APTs") for the treatment of Autism Spectrum Disorder ("ASD") and other serious conditions with intractable neurologic symptoms, recently reported the closing of its public offering. PaxMedica's total gross proceeds from the offering, before deducting the placement agent's fees and other offering expenses, were approximately $7 million. H.C. Wainwright & Co. acted as the exclusive placement agent for the offering (https://ibn.fm/XEIiL).

The previously announced public offering is an aggregate of 5,384,615 shares of its common stock (or common stock equivalents in lieu thereof) and warrants to purchase up to 5,384,615 shares of common stock at a public offering price of $1.30 per share and accompanying warrant. The warrants have an

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The latest news and updates relating to PXMD are available in the company's newsroom at https://ibn.fm/PXMD

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