HomeInvesting NewsPaxMedica Will Make Its Nasdaq Debut Following a Scaled-Down $8.1 Million IPO

PaxMedica Will Make Its Nasdaq Debut Following a Scaled-Down $8.1 Million IPO

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On Friday, PaxMedica (NASDAQ:PXMD) revealed the price of its re-filed IPO, which included the issuance of 1.54 million shares priced at $5.25 apiece, at $8.1 million. The sole company issuing shares is PaxMedica (PXMD). A 45-day option to purchase an additional 231,818 shares of PaxMedica’s common stock at the IPO price, less underwriting discounts and costs, has also been granted to the underwriters.

On August 26, 2022, the shares are anticipated to start trading on the Nasdaq Capital Market under the ticker symbol “PXMD.” The closing of the offering is anticipated to occur on or around August 30, 2022, subject to the usual closing requirements.

Representatives for the offering are R.F. Lafferty & Co. Inc., and Craft Capital Management LLC. The most recent plan of PaxMedica, which first filed for an IPO in July 2020, was to generate $16 million by selling 2.5 million shares and warrants at a price between $5.50 and $6.50. The company renewed its preparations for an IPO with a new blank file this past January and announced new terms earlier this month after not revising its prospectus since September 2020. Additionally, an overallotment option to buy up to 232K additional shares has been granted to the underwriters.

PaxMedica trades on the Nasdaq as PXMD

PaxMedica, situated in Woodcliff Lake, New Jersey, is creating therapy options for various neurodevelopmental problems. It was established to enhance initiatives based on anti-purinergic therapy for neurodevelopmental conditions such autism spectrum disorder and Fragile X syndrome tremor-ataxia as well as East African HAT. The business had originally targeted a $15 million IPO deal for mid-2020. 

According to the company’s updated registration statement, its shares will start trading on Nasdaq on August 26, 2022, under the ticker code “PXMD.” On August 30, 2022, the offering is anticipated to close. PaxMedica Refiles Terms For Smaller IPO by Donovan Jones on the Seeking Alpha marketplace stated that “PXMD has made significant headway on its main candidate, but the business is thinly capitalized and is still an ultra-high risk.”

Featured Image:  Megapixl @Prykhodov

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