Full Press Release Details
PaxMedica Announces Pricing of $7.0 Million
TARRYTOWN, New York, Nov. 20, 2023 (ACCESSWIRE)
PaxMedica, Inc. (NASDAQ: PXMD) ("PaxMedica" or the "Company"), a biopharmaceutical company focused on advancing
treatments for neurological disorders, today announced the pricing of its public offering of an aggregate of 5,384,615 shares of its common
stock (or common stock equivalents in lieu thereof) and warrants to purchase up to 5,384,615 shares of common stock, at a combined public
offering price of $1.30 per share (or common stock equivalent in lieu thereof) and accompanying warrant. The warrants will have an exercise
price of $1.30 per share, will be exercisable immediately upon issuance and will expire five years after the initial exercise date. The
closing of the offering is expected to occur on or about November 22, 2023, subject to the satisfaction of customary closing conditions.
H.C. Wainwright & Co. is acting as the exclusive
placement agent for the offering.
Total gross proceeds to the Company from the offering,
before deducting the placement agent's fees and other offering expenses, are expected to be approximately $7.0 million. The Company
intends to use the net proceeds from this offering to repay in full the approximately $0.2 million outstanding under the convertible promissory
note held by Lind Global Fund II LP, to advance the Company's development programs and for general corporate purposes.
The securities described above are being offered
pursuant to a registration statement on Form S-1 (File No. 333-275416), which was declared effective by the Securities and Exchange Commission
(the "SEC") on November 20, 2023. The offering is being made only by means of a prospectus forming part of the effective registration
statement relating to the offering. A preliminary prospectus relating to the offering has been filed with the SEC and is available on
the SEC's website at http://www.sec.gov. Electronic copies of the final prospectus, when available, may be obtained on the SEC's
website at http://www.sec.gov and may also be obtained by contacting H.C. Wainwright & Co., LLC at 430 Park Avenue, 3rd Floor, New
York, NY 10022, by phone at (212) 856-5711 or e-mail at placements@hcwco.com.
This press release shall not constitute an offer
to sell or a solicitation of an offer to buy any of the securities described herein, nor shall there be any sale of these securities in
any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification
under the securities laws of any such state or other jurisdiction.
About PaxMedica, Inc.
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, including Autism Spectrum Disorder (ASD) and Human African Trypanosomiasis (HAT). Our portfolio
encompasses critical areas within the neurology field, with a focus on pioneering advancements in both ASD and HAT treatments. We are
dedicated to the continuous development and evaluation of our pioneering program, PAX-101-an intravenous suramin formulation that lies
at the heart of our efforts, particularly focused on innovative ASD and HAT treatment solutions. Our ongoing research initiatives not
only prioritize the needs of ASD and HAT patients but also extend to exploring potential therapeutic applications for related conditions.
Forward-Looking Statements:
This release contains forward-looking statements
within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as
amended. The use of words such as "will," "expect," or "intend" and other similar expressions are
intended to identify such forward-looking statements. All forward-looking statements are inherently uncertain as they are based on current
expectations and assumptions concerning future events or future performance of the company. Such forward-looking statements include, but
are not limited to, the ability of the Company to close the offering, the expected timing of closing, the expected gross proceeds and
the use of proceeds from the offering. Readers are cautioned not to place undue reliance on these forward-looking statements, which are
only predictions and speak only as of the date hereof. In evaluating such statements, prospective investors should review carefully various
risks and uncertainties identified in this release and set forth in the company's SEC filings, including the risks found in the section
entitled "Risk Factors" in PaxMedica's most recent Annual Report on Form 10-K and subsequent Quarterly Report on Form
10-Q, as well as discussions of potential risks, uncertainties, and other important factors in any subsequent reports filed with the SEC.
These risks and uncertainties could cause the company's actual results to differ materially from those indicated in the forward-looking
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