PaxMedica, a Phase 2 biotech developing therapies for neurodevelopmental disorders, announced terms for its IPO on Thursday.
The Woodcliff Lake, NJ-based company plans to raise $15 million by offering 2.5 million shares at a price range of $5.50 to $6.50. At the midpoint of the proposed range, PaxMedica would command a fully diluted market value of $64 million.
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.
