PaxMedica (NASDAQ: PXMD), a clinical-stage biopharmaceutical company focusing on the development of novel anti-purinergic drug therapies (“APT”) for the treatment of autism spectrum disorder (“ASD”) and other serious conditions with intractable neurologic symptoms, has released information regarding its 1-for-17 reverse stock split. According to the announcement, as a result of the reverse stock split of PaxMedica’s common stock that became effective at 8:03 a.m. ET today, the company’s common stock will begin trading on a split-adjusted basis tomorrow, Oct. 31, 2023, when the market opens. The company noted that its common stock will continue to trade under the existing trading symbol PXMD. “As a result of the reverse stock split, each 17 presplit shares of common stock outstanding were automatically combined and converted into one issued and outstanding share of common stock,” the company stated in the press release. “No fractional shares of common stock were issued to any stockholders in connection with the reverse stock split. Holders of record who would otherwise have been entitled to receive a fractional share received a number of shares rounded up to the next whole share in lieu of fractional shares.”
To view the full press release, visit https://ibn.fm/3wNkB
About PaxMedica Inc.
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. 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 advancing the clinical understanding of using that agent against other disorders 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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