PaxMedica (NASDAQ: PXMD), a pioneering biopharmaceutical company focused on advancing treatments for neurologic disorders, is working with leading financial services firm Bourne Partners. Bourne Partners specializes in the pharma, pharma services and consumer health spaces. According to the announcement, the collaboration is an important step in PaxMedica’s strategy to explore potential monetization of a Priority Review Voucher prior to filing the NDA for PAX-101 for the treatment of African Sleeping Sickness. Although PaxMedica has not yet been granted a PRV and there is no guarantee that one will be awarded, the company believes PAX-101 qualifies for the PRV program because African Sleeping Sickness is currently listed by the FDA as eligible for the program. The partnership with Bourne is representative of PaxMedica’s commitment to optimizing its valuable assets in its commitment to develop innovative healthcare solutions, enhance initiatives in the field of neurologic disorders, and expedite critical research and development efforts.
PaxMedica also reported its 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, effectively decreasing 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. “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,” said PaxMedica chairman and CEO Howard Weisman in the press release. “This represents our continued dedication to advancing healthcare solutions and underscores our commitment to driving meaningful change in the field of neurology.”
To view the full press release, visit https://ibn.fm/D6Ny5
About PaxMedica Inc.
PaxMedica is a forward-looking, clinical-stage biopharmaceutical firm specializing in cutting-edge anti-purinergic drug therapies (“APT”) designed to address challenging neurologic disorders. The company’s 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. PaxMedica prioritizes the advancement and evaluation of its flagship program, PAX-101, an intravenous suramin formulation primarily focused on ASD treatment, while also broadening its clinical insights into potential applications for conditions such as ME/CFS. For more information about the company, visit www.PaxMedica.com.
NOTE TO INVESTORS: The latest news and updates relating to PXMD are available in the company’s newsroom at https://ibn.fm/PXMD
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