Praxis Precision Medicines, a Phase 2 biotech developing therapies for CNS disorders using genetic insights, announced terms for its IPO on Friday.
The Cambridge, MA-based company plans to raise $126 million by offering 7.4 million shares at a price range of $16 to $18. At the midpoint of the proposed range, Praxis Precision Medicines would command a fully diluted market value of $643 million.
The company’s pipeline contains its most advanced candidates, PRAX-114 and PRAX-944, which are in Phase 2 development for major depressive disorder/perimenopausal depression and essential tremor, respectively. The company plans to initiate a Phase 2/3 trial for PRAX-114 in the US and Australia in the 4Q20, with topline data expected in the 2H21.
Praxis Precision Medicines was founded in 2015 and plans to list on the Nasdaq under the symbol PRAX. Cowen, Evercore ISI and Piper Sandler are the joint bookrunners on the deal.
