Biotech PaxMedica Updates Blank Filing With New Proposed Pre-IPO Transaction Size Of $15 Million

PaxMedica, a Phase 2 biotech company developing therapies for neurodevelopmental disorders, updated its empty IPO filing on Friday with a new proposed deal size. In its most recent filing, PaxMedica also released updated fiscal 21 and first quarter 22 financials, replacing underwriters EF Hutton and Brookline Capital Markets with Craft Capital Management.

The Woodcliff Lake, NJ-based company said it now plans to raise $15 million, compared to $29 million proposed in its blank filing last January. The company 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 all conditions were met in January 2022 were lifted.

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 study evaluating PAX-101 for the treatment of the core symptoms of autism spectrum disorder (ASD).

Founded in 2018, PaxMedica plans to list on the Nasdaq under the symbol PXMD. Craft Capital Management is the sole lead booker of the transaction.