PaxMedica, a Phase 2 biotech developing therapies for neurodevelopmental disorders, revised the terms of its upcoming IPO on Tuesday.
The Woodcliff Lake, NJ-based company now plans to raise $15 million by offering 2.6 million shares at a price range of $5.50 to $6.50. The company is also offering 2.0 million warrants, exercisable at the IPO price. Each share is being sold with three-quarters of a warrant. The company had previously filed to offer 2.5 million shares of common stock at a range of $5.50 to $6.50. At the midpoint of the range, PaxMedica will raise 5% more in proceeds than previously anticipated. Because the company is now offering warrants, PaxMedica is no longer eligible for tracking and will be excluded from Renaissance Capital's stats.
The company's lead candidate PAX-101, an intravenous formulation of suramin, is currently in a Phase 2B clinical trial at six sites in South Africa for the treatment of autism spectrum disorder (ADS), which affects more than 3.5 million Americans.
PaxMedica was founded in 2018 and plans to list on the Nasdaq under the symbol PXMD. The Benchmark Company is the sole bookrunner on the deal.
