PaxMedica, Inc. Provides Business Update and Reports Fourth Quarter 2022 Financial Results
March 29 2023 - 7:21PM
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 fourth
quarter and year ended December 31, 2022.
Howard Weisman, Chief Executive Officer of
PaxMedica, commented, “The fourth quarter capped a strong year for
PaxMedica. Most importantly, we initiated a pivotal Phase 3 HAT-301
trial in November that is a 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
to be announced in the second half of 2023.
“To support our work, we signed a committed
equity investment agreement for up to $20 million, also in
November, and in February 2023, raised an additional $2.5 million
in growth capital. During the year ahead we also expect to complete
any remaining necessary pre-clinical, non-clinical and clinical
studies to support our NDA submission for the HAT indication. All
of this work is to advance us toward the achievement of our most
important objective - the submission of an IND to the FDA for a
PAX-101 (suramin) clinical trial for the treatment of ASD in the
U.S. which we intend to submit in 2024,” concluded Mr. Weisman.
For PaxMedica’s complete financial results for
the twelve-month period ended December 31, 2022, see the Company’s
Annual Form 10-K filed with the Securities and Exchange Commission
on March 29, 2023.
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. 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. These forward-looking statements include
our anticipated clinical program, the timing and success of our
anticipated data announcements, pre-clinical and clinical trials
and regulatory filings, statements about the strength of our
balance sheet. 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. Such risks and
uncertainties include, but are not limited to, risks associated
with the Company’s development work, including any delays or
changes to the timing, cost and success of the Company’s product
development and clinical trials, risk of insufficient capital
resources, cash funding and cash burn and risks associated with
intellectual property and infringement claims. 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 described in the Company’s “Risk Factors” section
and other sections in its Registration Statement, most recent
quarterly filings 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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