PaxMedica, Inc. Provides Business Update and Reports Third Quarter 2022 Financial Results
November 15 2022 - 8:00AM
via NewMediaWire – PaxMedica, Inc. (Nasdaq: PXMD), a clinical stage
biopharmaceutical company focusing on the development of novel
anti-purinergic drug therapies (“APT”) for the treatment of
disorders with intractable neurologic symptoms, today provided a
business update and reported financial results for the third
quarter of 2022, ended September 30, 2022.
Howard Weisman, Chief Executive Officer of PaxMedica, commented,
“The third quarter was PaxMedica’s first as a public company and we
reached a number of milestones. These included appointing Stephen
D. Sheldon as Chief Financial Officer and subsequent to quarter
end, the appointment of Dr. Stefan Schwabe MD, PhD, as Chief
Medical Officer to direct all of the product development activities
for PaxMedica’s pipeline products. We were also excited to announce
the appointment of Chuck Casamento to the Board of Directors and as
Chair of the Audit Committee. Chuck is well known in the specialty
pharma industry having built several pharmaceutical companies and
serving as an independent director at several public companies. We
now have three independent directors on our Board following the
appointment in May of Dr. John Coelho, an enterprise medical
strategist leader, and Karen LaRochelle, a long standing
pharmaceutical business development executive who joined the Board
in 2020. Each of these directors brings deep expertise and
distinctive insight to PaxMedica as we work to achieve our
goals.”
“After the IPO and other initial costs, we ended the third
quarter with $5.6 million in cash. We have a lean cost structure in
place to conserve cash going forward. Most recently, and subsequent
to quarter end, we announced the initiation of a Phase 3 trial,
HAT-301, as part of our strategic plan to accelerate US market
approval of PAX-101 (intravenous suramin). The Phase 3
HAT-301 trial is a pivotal, retrospective, controlled analysis of
suramin for the treatment of the rare and fatal tropical disease,
Stage 1 Trypanosoma Brucei Rhodesiense Human African
Trypanosomiasis (Stage 1 TBR HAT). The final results are expected
in the first half of 2023, and we look forward to releasing the
data at the appropriate time,” concluded Mr. Weisman.
For PaxMedica’s complete financial results for the three-month
period ended September 30, 2022, see the Company’s Quarterly Form
10-Q filed with the Securities and Exchange Commission on November
14, 2022.
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.
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. most recent
quarterly reports and other filings with the U.S. Securities and
Exchange Commission.
Contacts:
ir@paxmedica.com
Stephanie PrincePCG Advisorysprince@pcgadvisory.com(646)
863-6341
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