PaxMedica, a Phase 2 biotech developing therapies for neurodevelopmental disorders, raised $8 million by offering 1.5 million shares at $5.25, slightly below the midpoint of the $4.50 to $6.50 range.
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 and set new terms earlier this month.
The company's lead candidate is 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 plans to list on the Nasdaq under the symbol PXMD. Craft Capital Management and R.F. Lafferty & Co. acted as joint bookrunners on the deal.
