Praxis Precision Medicines Prices Public Offering of Common Stock
CAMBRIDGE, Mass., May 13, 2021 (GLOBE NEWSWIRE) -- Praxis Precision Medicines, Inc. (NASDAQ: PRAX), a clinical-stage biopharmaceutical company translating genetic insights into the development of
therapies for central nervous system disorders (CNS) characterized by neuronal imbalance, today announced that it has priced an underwritten public offering of 5,000,000 shares of its common stock
at a public offering price of $18.25 per share. The gross proceeds to Praxis from the offering are expected to be approximately $91.25 million, before deducting the underwriting discounts and
commissions and other offering expenses. Praxis has granted the underwriters a 30-day option to purchase up to an additional 750,000 shares of its common stock.
All shares in the offering are to be sold by Praxis. The offering is expected to close on or about May 18, 2021, subject to satisfaction of customary closing conditions. Praxis intends to use the net proceeds from the offering, together with its existing cash, cash equivalents and short-term investments, to (i) advance PRAX-114 into and through the completion of the Phase 2/3 Aria Study in monotherapy major depressive disorder (“MDD”), which is intended to satisfy one of two registrational trials required by the U.S. Food and Drug Administration to support clinical efficacy for monotherapy MDD, advance PRAX-114 into and through the completion of Praxis’ Phase 2 trial for the adjunctive treatment of MDD, complete Part B (perimenopausal depression) of the Phase 2a clinical trial for PRAX-114, initiate a Phase 3 monotherapy trial in MDD, initiate and complete a Phase 2 trial in post-traumatic stress disorder (“PTSD”), initiate and complete a Phase 2 trial in essential tremor (“ET”) and pursue the development of PRAX-114 in an additional indication; (ii) complete its ongoing Phase 2a clinical trial and a Phase 2 randomized, controlled clinical trial for PRAX-944 in ET and initiate and complete a Phase 2 trial of PRAX-944 in Parkinson’s Disease; (iii) complete its ongoing PRAX-562 Phase 1 healthy volunteer trial and initiate and complete Phase 2 trials of PRAX-562 in Short-lasting Unilateral Neuralgiform headache attacks with Conjunctival injection and Tearing (“SUNCT”), Short-lasting Unilateral Neuralgiform headache with Autonomic symptoms (“SUNA”), and Trigeminal Neuralgia (“TN”), and in developmental and epileptic encephalopathies (“DEEs”), including SCN8A-DEE and SCN2A-DEE, and (iv) advance other programs in its pipeline and support working capital and other general corporate purposes.