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Praxis Precision Medicines: Wrapping Up Financial Phase and Reaffirming Business Focus

Introduction

Praxis Precision Medicines, a biopharmaceutical organization at the clinical stage, has made a substantial breakthrough. The company, renowned for its significant role in the development of therapies for central nervous system (CNS) disorders, has successfully concluded an underwritten public offering of its common stocks and pre-funded warrants. This financial milestone was achieved including the full exercise of the underwriters’ overallotment option.

Financial Highlights

The net proceeds from the offering stood at a remarkable $63.3 million. This was after the deduction of underwriting discounts, commissions and estimated offering expenses. This funding, in combination with the company's existing cash and marketable securities, has extended the cash runway into the first quarter of 2025.


Strategic Use of Proceeds

The funds raised will be strategically used to expedite the development of the company's flagship drug, ulixacaltamide, into two Phase 3 studies for essential tremor. It will also support the continued clinical development of PRAX-562, PRAX-222 and PRAX-628 for various epilepsies. The remaining funds will be allocated for working capital needs and other general corporate purposes.

Exciting Clinical Trials Ahead

Praxis has initiated a study to evaluate PRAX-628 in photo-sensitive epilepsy patients, also known as a PPR study, with expected readout by year end. Similar studies have shown a positive correlation to anti-seizure medicines (ASMs) used to treat focal epilepsy. With this study, Praxis plans to validate the mechanism of action of PRAX-628 and inform the study design for its Phase 2b program.

study_design = {
    'study': 'PPR',
    'medicine': 'PRAX-628',
    'expected_readout': 'year_end',
    'correlation': 'positive',
    'disease': 'focal_epilepsy'
}

CEO Remarks

"This financing provides the means to continue advancing our portfolio in movement disorders and in epilepsy closer to patients, with a number of catalysts this year,” said Marcio Souza, president and chief executive officer of Praxis. “We are excited to advance our Phase 3 program in essential tremor, while also initiating the PPR study to inform and de-risk our program in focal epilepsy. Additionally, we are pleased to have received support from both existing and new investors.”

About Praxis Precision Medicines

Praxis Precision Medicines is a clinical-stage biopharmaceutical company translating insights from genetic epilepsies into the development of therapies for CNS disorders characterized by neuronal excitation-inhibition imbalance. Praxis is applying genetic insights to the discovery and development of therapies for rare and more prevalent neurological disorders through our proprietary small molecule platform, Cerebrum™, and antisense oligonucleotide (ASO) platform, Solidus™, using our understanding of shared biological targets and circuits in the brain.


Diverse Portfolio

Praxis has established a diversified, multimodal CNS portfolio including multiple programs across movement disorders and epilepsy, with four clinical-stage product candidates. For more information, please visit Praxis Medicines and follow us on Facebook, LinkedIn and Twitter.

Indications

  • Essential Tremor

  • Epilepsies, Partial

  • Central Nervous System Diseases

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Conclusion

The successful closing of the financing phase and the initiation of the PPR study to treat focal epilepsy marks a significant milestone for Praxis Precision Medicines. The company continues to make strides in the development of therapies for CNS disorders and with this new funding, is set to accelerate its efforts, bringing its portfolio closer to patients in need.

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