Praxis Precision Medicines, a Phase 2 biotech developing therapies for CNS disorders using genetic insights, raised the proposed deal size for its upcoming IPO on Thursday.
The Cambridge, MA-based company now plans to raise $175 million by offering 10 million shares at a price range of $17 to $18. The company had previously filed to offer 7.4 million shares at a range of $16 to $18. At the midpoint of the revised range, Praxis Precision Medicines will raise 39% more in proceeds than previously anticipated.
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. It is expected to price during the week of October 12, 2020.
