PaxMedica, a Phase 2 biotech developing therapies for neurodevelopmental disorders, updated its blank IPO filing with a new proposed deal size on Friday. In its latest filing, PaxMedica also disclosed updated financials for the FY21 and 1Q22, and replaced underwriters EF Hutton and Brookline Capital Markets with Craft Capital Management.
The Woodcliff Lake, NJ-based company disclosed that it now plans to raise $15 million, down from $29 million proposed in its blank filing this past January. It originally filed for an IPO in July 2020, and planned to raise $16 million by offering 2.6 million shares and warrants at a price range of $5.50 to $6.50 before removing all terms in January 2022.
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. Craft Capital Management is the sole bookrunner on the deal.
