Small biotech PaxMedica debuted on the Nasdaq Friday.
Under the ticker $PXMD, PaxMedica is offering just over 1.5 million shares at a price of $5.25 a share for a total raise of around $8.1 million. The underwriters have an additional 45 days to buy 231,000 more shares if they choose.
The offering is expected to end on August 30.
The biotech said in an amended SEC filing earlier in August that it is breaking down proceeds in a few ways: $2.5 million for “drug-substance procurement and supply-chain activities,” $2.5 million for R&D, $50,000 to repay outstanding amounts and $2 million for working capital and general purposes.
The biotech was founded in 2018 and is focused on neurology disorders, including autism, Fragile X-associated tremor/ataxia syndrome (a late onset neurodegenerative disorder affecting movement and cognition) and human African trypanosomiasis…
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