PaxMedica Engages Bourne Partners to Explore Future Monetization of Potential Priority Review Voucher (PRV)
November 02 2023 - 8:30AM
via IBN -- PaxMedica, Inc. (Nasdaq: PXMD), a pioneering
biopharmaceutical company focused on advancing treatments for
neurologic disorders, has engaged Bourne Partners, a leading
financial services firm specializing in the pharma, pharma
services, and consumer health sectors. This marks an important step
in PaxMedica's efforts to explore potential monetization of a
Priority Review Voucher (PRV) prior to filing the NDA for PAX-101
for the treatment of African Sleeping Sickness.
The engagement with Bourne Partners underscores PaxMedica's
commitment to optimizing its valuable assets to support the
development of innovative healthcare solutions. Leveraging Bourne
Partners' extensive experience and network within the healthcare
sector, PaxMedica aims to enhance its initiatives in the field of
neurologic disorders and expedite critical research and development
efforts.
"We are excited to engage Bourne Partners to explore the
structures that could potentially allow the company to monetize the
value of a potential PRV," stated Howard Weisman, Chairman and CEO
of PaxMedica. "This represents our continued dedication to
advancing healthcare solutions and underscores our commitment to
driving meaningful change in the field of neurology."
PaxMedica anticipates qualifying for the PRV program as their
treatment targets a rare, fatal tropical disease caused by a
parasite currently listed by the FDA as eligible for the program.
However, it's important to note that PaxMedica has not been granted
a PRV, and there is no guarantee that one will be awarded.
Bourne Partners, known for its expertise and deep understanding
of the global healthcare sector, brings invaluable insights and
resources to the table. With a mission to facilitate the efficient
movement of capital through the global healthcare industry, Bourne
Partners shares PaxMedica's vision for advancing healthcare and
improving patient outcomes worldwide.
Furthermore, PaxMedica reports that the amount outstanding under
PaxMedica’s convertible note with Lind Global Partners II, LP has
decreased through a combination of cash, and the issuance of
approximately 0.34 million shares of common stock pursuant to the
terms of the note. This has effectively decreased the remaining
value of the note from $3.68 million to $2.27 million, enabling
PaxMedica to potentially settle the debt earlier than initially
anticipated.
For more information about PaxMedica and its groundbreaking
research initiatives, please visit www.paxmedica.com. To learn more
about Bourne Partners and its comprehensive financial services,
visit www.bourne-partners.com.
About PaxMedica
PaxMedica, Inc. is a forward-looking clinical-stage
biopharmaceutical firm specializing in cutting-edge anti-purinergic
drug therapies (APT) designed to address challenging neurologic
disorders. Our scope encompasses a spectrum of conditions, from
neurodevelopmental disorders, including Autism Spectrum Disorder
(ASD), to the debilitating Myalgic Encephalomyelitis/Chronic
Fatigue Syndrome (ME/CFS), marked by both physical and cognitive
burdens. At PaxMedica, we prioritize the advancement and evaluation
of our flagship program, PAX-101—an intravenous suramin
formulation—primarily focused on ASD treatment, while also
broadening our clinical insights into its potential applications
for conditions such as ME/CFS. For more information,
visit www.paxmedica.com.
Interested investors and shareholders are encouraged to sign up
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on Twitter and LinkedIn.
About Bourne Partners
Bourne Partners is a financial services firm specializing in the
pharma, pharma services, and consumer health sectors. Located in
Charlotte, North Carolina, the company offers investment banking
and advisory services, as well as direct investment opportunities.
As owners and operators with over 15 years of experience, Bourne
Partners strives to enrich the lives and improve the health and
well-being of their partners and patients across the globe by
facilitating the efficient movement of capital through the global
healthcare sector. For more information, please
visit www.bourne-partners.com.
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 most recent Annual Report on Form 10-K,
and subsequent quarterly and other filings with the U.S. Securities
and Exchange Commission.
Contacts
PaxMedica, Inc. 303 S Broadway, Suite 125.
Tarrytown, NY 10591 www.paxmedica.com
Media Contact media@paxmedica.com
Investor Contact Scott McGowan
InvestorBrandNetwork (IBN) Phone: 310.299.1717 ir@paxmedica.com
www.paxmedica.com/investors
Contacts Bourne Partners Robert Stanley,
704-714-8354 rstanley@bourne-partners.com
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