PaxMedica, a Phase 2 biotech developing therapies for neurodevelopmental disorders, revived its IPO plans on Tuesday with a new blank filing, disclosing plans to raise up to $29 million. It originally filed for an IPO in July 2020, most recently planning to raise $16 million by offering 2.6 million shares and warrants at a price range of $5.50 to $6.50. The company had not updated its prospectus since September 2020. In its latest filing, PaxMedica also removed the warrants from its offering and disclosed updated financials for the 9mo21.
The company's lead candidate PAX-101, an intravenous formulation of suramin. In February 2021, the company announced positive topline data from its Phase 2 dose-ranging trial evaluating PAX-101 for the treatment of the core symptoms of autism spectrum disorder (ASD).
PaxMedica was founded in 2018 and plans to list on the Nasdaq under the symbol PXMD. The Benchmark Company and Brookline Capital Markets are the joint bookrunners on the deal.
