PaxMedica, Inc. Announces Pricing of Initial Public Offering

Shares will Trade on Nasdaq Capital Market under Ticker Symbol “PXMD”

TARRYTOWN, NY, Aug. 26, 2022 (GLOBE NEWSWIRE) — via NewMediaWire – PaxMedica, Inc. (Nasdaq: PXMD), a clinical stage biopharmaceutical company focusing on the development of anti-purinergic drug therapies for the treatment of disorders with intractable neurologic symptoms, today announced the pricing of its initial public offering of 1,545,454 shares of its common stock at a public price of $5.25 per share.  The gross proceeds to PaxMedica from the offering, before deducting underwriting discounts, commissions and offering expenses, are expected to be approximately $8.1 million.  All of the shares are being offered by PaxMedica.  In addition, PaxMedica has granted the underwriters a 45-day option to purchase an additional 231,818 shares of its common stock at the initial public offering price, less underwriting discounts and commissions. 

The shares are expected to begin trading on the Nasdaq Capital Market on August 26, 2022, under the ticker symbol “PXMD”. The offering is expected to close on or about August 30, 2022, subject to customary closing conditions. 

Craft Capital Management LLC and R.F. Lafferty & Co., Inc. are acting as representatives for the offering. 

A registration statement relating to these securities was filed with the U.S. Securities and Exchange Commission (“SEC”) and was declared effective on August 12, 2022. Copies of the registration statement can be accessed through the SEC’s website at www.sec.gov. This offering is being made only by means of a written prospectus, forming a part of the effective registration statement. Copies of the final prospectus relating to the initial public offering can be obtained, when available, from: Craft Capital Management LLC, Attention: Richard Rizzuto, 377 Oak Street, Lower Concourse, Garden City, NY 11530 or by email rrizzuto@craftcm.com; R.F. Lafferty & Co., Inc., Attention: Robert Hackel, 40 Wall Street, 19th Floor, New York, NY 10005, or by email at rhackel@rflafferty.com.  

This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About PaxMedica

PaxMedica is a clinical stage biopharmaceutical company focusing on the development of anti-purinergic drug therapies (“APT”) for the treatment of disorders with intractable neurologic symptoms, ranging from neurodevelopmental disorders, including Autism Spectrum Disorder (“ASD”), to Myalgic Encephalomyelitis/Chronic Fatigue Syndrome (“ME/CFS”), a debilitating physical and cognitive disorder believed to be viral in origin and now with rising incidence globally due to the long term effects of SARS-CoV-2 (“COVID-19”). One of PaxMedica’s primary points of focus is the development and testing of its lead program, PAX-101, an intravenous formulation of suramin, in the treatment of ASD and the advancement of the clinical understanding of using that agent against other disorders such as ME/CFS and Long COVID-19 Syndrome, a clinical diagnosis in individuals who have been previously infected with COVID-19.

About Craft Capital Management LLC

Craft Capital Management is a full-service broker dealer and investment bank. Areas of focus include numerous growth sectors such as biotechnology, consumer goods and services, retail, financial services and business, technology, healthcare, medical device, and other categories. Craft Capital Management assists companies with corporate finance services, including initial public offerings, follow-on offerings, private placements, registered direct offering, corporate notes, credit lines and financial advisory services.

Forward-Looking Statements

This press release contains “forward-looking statements”. Forward-looking statements reflect our current view about future events. These forward-looking statements involve known and unknown risks and uncertainties and are based on the Company’s current expectations and projections about future events that the Company believes may affect its financial condition, results of operations, business strategy and financial needs. Investors can identify these forward-looking statements by words or phrases such as “may,” “will,” “could,” “expect,” “anticipate,” “aim,” “estimate,” “intend,” “plan,” “believe,” “is/are likely to,” “propose,” “potential,” “continue” or similar expressions. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company’s registration statement and other filings with the SEC.

Contacts:
Barry Kiront, CEO
Craft Capital Management
Bkiront@craftcm.com

Stephanie Prince
PCG Advisory
sprince@pcgadvisory.com
(646) 863-6341