Summary
- PaxMedica has filed to raise $18 million in an IPO.
- The firm is developing a treatment for various neurodevelopmental disorders.
- PXMD is currently in Phase 2b trials in South Africa for its lead program for treating ASD.
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Quick Take
PaxMedica (PXMD) has filed to raise $18 million in an IPO of its common stock, according to an S-1 registration statement.
The company is developing various forms of suramin for autism, Fragile X syndrome, African sleeping sickness and other neurodevelopmental indications.
PXMD appears to be thinly capitalized and is performing Phase 2b trials in South Africa for its lead candidate.
I’ll provide a final opinion when we learn more about the IPO from management.
Company & Technology
Woodcliff Lake, New Jersey-based PaxMedica was founded to advance programs based on anti-purinergic therapies for neurodevelopmental disorders such as autism spectrum disorder [ASD] and Fragile X syndrome tremor-ataxia.
Management is headed by Chief Executive Officer Mr. Howard Weisman, who has been with the firm since March 2020 and was previously founder and Executive Chairman of Sofregen, a clinical stage biomedical device firm in the reconstructive plastic surgery industry.
Below is a brief overview video of ASD:
