PaxMedica (OTC: PXMD), a clinical-stage biopharmaceutical company dedicated to advancing treatments for neurological disorders, has entered into definitive agreements for the immediate exercise of certain outstanding warrants. The agreements outline the “purchase up to an aggregate of 4,423,080 shares of common stock of the originally issued in November 2023, having an exercise price of 1.30 per share, at a reduced exercise price of $0.20 per share,” the company stated in the press release. H.C. Wainwright & Co. is acting as the exclusive placement agent for the offering.
The announcement noted that PaxMedica will also issue new unregistered warrants to purchase up to 8,846,160 shares of common stock, with an exercise price of $0.20 per share. Gross proceeds from the exercise of warrants is estimated to total $884,616, before deductions and fees. PaxMedica anticipates using the funds from the offering to continue development of its PAX-101 program as well as for working capital and general corporate purposes.
To view the full press release, visit https://ibn.fm/y6I1d
About PaxMedica Inc.
PaxMedica is a forward-looking, clinical-stage biopharmaceutical firm specializing in cutting-edge, anti-purinergic drug therapies (“APT”) aimed at addressing a range of challenging neurologic disorders. The company’s comprehensive portfolio encompasses a spectrum of conditions, including neurodevelopmental disorders such as autism spectrum disorder (“ASD”) as well as other critical areas within the neurology field. Additionally, the company intends to provide the rest of the world with an additional, reliable source of suramin, the accepted standard of care for Stage 1, Trypanosoma Brucei Rhodesiense. PaxMedica is dedicated to the continuous development and evaluation of its pioneering program, PAX-101, an intravenous suramin formulation that lies at the heart of the company’s efforts, particularly focused on innovative ASD treatment solutions. The company’s ongoing research initiatives not only prioritize the needs of ASD patients but also extend to exploring potential therapeutic applications for related conditions. For more information about the company, visit www.PaxMedica.com.
NOTE TO INVESTORS: The latest news and updates relating to PXMD are available in the company’s newsroom at https://ibn.fm/PXMD
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