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Cambridge, Massachusetts, May 13, 2021 (Global News)-Praxis Precision Medicines, Inc. (NASDAQ:practice) Is a clinical-stage biopharmaceutical company that has transformed genetic insights into the development of treatments for central nervous system diseases (CNS) characterized by neuronal imbalance. It today announced that it has passed the public offering of 5,000,000 shares of common stock for underwriting. The price is $18.25 per share. Before deducting issuance underwriting discounts and commissions and other issuance expenses, Praxis’ total proceeds from the issuance are estimated to be approximately US$91.25 million. Praxis has granted the underwriter a 30-day option to purchase an additional 750,000 shares of common stock.
All shares in the issue will be sold by Praxis. The issuance is expected to be completed around May 18, 2021, provided that the usual transaction conditions are met. Praxis intends to use the net proceeds from this offering, together with its existing cash, cash equivalents and short-term investments, to (i) advance PRAX-114 and complete the single-agent treatment of major depressive disorder in the Phase 2/3 Aria study (“MDD”), one of two registered trials designed to meet the requirements of the US Food and Drug Administration to support the clinical efficacy of monotherapy MDD, to advance PRAX-114 and complete Praxis Phase 2 trial MDD assistance Treatment, completed part B of the PRAX-114 phase 2a clinical trial (perimenopausal depression), initiated the phase 3 monotherapy trial of MDD, and initiated and completed the phase 2 trial of post-traumatic stress disorder (“PTSD”), Initiate and complete a phase 2 trial on essential tremor (“ET”), and continue to develop PRAX-114 in other indications; (ii) complete the ongoing PRAX-944 in ET Phase 2a clinical trial and phase 2 randomized controlled clinical trial, and initiate and complete the phase 2 trial of PRAX-944 in Parkinson’s disease; (iii) complete the ongoing phase 1 trial of PRAX-562 in healthy volunteers, and pass the conjunctiva Cavity injection and tear (“SunCT”), short-term unilateral neuroid headache, initiated and completed the phase 2 trial of PRAX-562 in a short-term unilateral neuroid headache attack. Have autonomic symptoms (” SUNA”) and trigeminal neuralgia (“TN”) as well as developmental and epileptic encephalopathy (“DEEs”), including SCN8A-DEE and SCN2A-DEE, and (iv) advance others in its plan Plan and support working capital and other general corporate purposes.
Bank of America Securities, Cohen (Cowen) and Piper Sandler (Piper Sandler) serve as joint bookrunners for the product, and Wedbush PacGrow (Wedbush PacGrow) serves as the lead manager for the product.
The registration statement on Form S-1 has been filed with the U.S. Securities and Exchange Commission (SEC), including the preliminary prospectus related to this offering, and has been declared effective on May 13. In 2021, Praxis will only conduct a public sale through a prospectus related to the sale. A copy of the final prospectus related to this offering will be submitted to the U.S. Securities and Exchange Commission, if available, can be obtained from: Bank of America Securities, Note: Prospectus, 200 North College Street, Charlotte, North Carolina 3rd floor NC1-004-03-43, NC 28255-0001 or email to dg.prospectus_requests@bofa.com; Cowen and Company, LLC, c/o Broadridge Financial Services, 1155 Long Island Avenue, Edgewood, NY 11717, Note: Prospectus Department, or by phone at 833-297-2926; or Piper Sandler & Co., please note: Prospectus Department, Nicollet Mall, Minneapolis, Minnesota 800 J12S03, postcode 55402, or call 800-747-3924.
This press release does not constitute an offer to sell or a tender offer. Any offer that has not been registered or confirmed to be illegal prior to any offer, offer or sale shall not be used for the sale of any such securities in any state or jurisdiction. Under the securities laws of any such state or jurisdiction.
About practice
Praxis Precision Medicines is a clinical-stage biopharmaceutical company that translates genetic insights into the development of treatments for central nervous system diseases (CNS) characterized by neuronal imbalance. The practice is to apply our understanding of the common biological goals and circuits in the brain to apply the insights of inherited epilepsy to a wider range of neurological and psychiatric diseases. Praxis has established a broad product portfolio, which includes a variety of public programs for central nervous system diseases, including depression, epilepsy, movement disorders and pain syndromes, and has three clinical stage candidates.
Forward-looking statements
This press release may contain forward-looking statements as defined by the revised Private Securities Litigation Reform Act of 1995 and other federal securities laws, including express or implied statements about Praxis’ future expectations, plans and prospects, including but not limited to: relevant Completion of the offer, the terms of the offer, the satisfaction of the customary closing conditions of the offer, the statement on the intended use of the net proceeds from the offer, and other statements containing the words “expected”, “believe”, “continue”, “probably”, “effort”, “estimate” “, “Expect”, “Anticipate”, “Plan”, “May”, “May”, “Plan”, “Potential”, “Forecast”, “Project”, “Seek”, “Should”, “Goal”, “Will” or “will” and similar expressions constitute forward-looking statements under the revised Private Securities Litigation Reform Act of 1995.
The express or implied forward-looking statements contained in this press release are only predictions and are subject to various risks, uncertainties and assumptions. These risks, uncertainties and assumptions may cause actual events or results to differ from any of the The content expressed or implied by forward-looking statements is very different. In this press release, including but not limited to: uncertainties caused by changes due to market conditions or other reasons; risks that the issuance will not be completed; those risks and uncertainties inherent in clinical trials; relevant Risks, uncertainties and assumptions regarding the impact of the ongoing COVID-19 pandemic on Praxis’ business, operations, strategies, goals and expected timetable; other risks related to Praxis’ plans and operations were submitted on May 11, 2021 A more detailed description is given in the quarterly report ending March 31, 2021 ending March 31, 2021, ending December 31, 2020, documents filed on March 17, 2021 and from time to time to the US Securities Exchange Other documents submitted by the Committee. Although Praxis’ forward-looking statements reflect the good faith judgment of its management, these statements are based only on facts and factors currently known to Praxis. Therefore, you are warned not to rely on these forward-looking statements. Any forward-looking statements in this press release are only as of the date of publication. Whether due to new information, future developments or other reasons, Praxis does not undertake to publicly update or revise any forward-looking statements.
Investor contact information:
Alex Kane
Practice precision medicine
investors@praxismedicines.com
617-300-8481
Media contact:
Ian Stone
Canal Communications
Ian.stone@canalecomm.com
619-849-5388
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