PaxMedica, a Phase 2 biotech developing therapies for neurodevelopmental disorders, announced terms for its upcoming IPO on Monday.
The Woodcliff Lake, NJ-based company plans to raise $8 million by offering 1.5 million shares at a price range of $4.50 to $6.50. At the midpoint of the proposed range, PaxMedica would command a fully diluted market value of $80 million.
PaxMedica originally filed for an IPO in July 2020, most recently planning to raise $16 million by offering 2.5 million shares and warrants at $5.50 to $6.50. After not updating its prospectus since September 2020, the company revived its plans for an IPO with a new blank filing this past January.
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 and R.F. Lafferty & Co. are the joint bookrunners on the deal.
