Praxis Precision Medicines Announces Closing of Initial Public Offering and Exercise in Full of the Underwriters’ Option to Purchase Additional Shares
Praxis Precision Medicines (NASDAQ: PRAX) has successfully closed its upsized initial public offering, selling 11,500,000 shares of common stock at a price of $19.00 per share, raising approximately $218.5 million in gross proceeds. The offering, which included the full exercise of underwriters' options for 1,500,000 additional shares, commenced trading on the Nasdaq Global Select Market on October 16, 2020. All shares were sold by Praxis, with Cowen, Evercore ISI, and Piper Sandler serving as joint book-running managers.
- Raised $218.5 million in gross proceeds from the IPO, enhancing financial stability.
- Increased visibility and liquidity by listing on the Nasdaq Global Select Market.
- Potential dilution of existing shares due to the large volume of new shares issued.
CAMBRIDGE, Mass., Oct. 20, 2020 (GLOBE NEWSWIRE) -- Praxis Precision Medicines, Inc. (NASDAQ: PRAX), a clinical-stage biopharmaceutical company translating genetic insights into the development of therapies for central nervous system disorders characterized by neuronal imbalance, today announced the closing of its upsized initial public offering of 11,500,000 shares of common stock, including the exercise in full by the underwriters of their option to purchase up to 1,500,000 additional shares of common stock, at a public offering price of
Cowen, Evercore ISI and Piper Sandler acted as joint book-running managers for the offering, Wedbush PacGrow acted as Lead Manager for the offering, and Blackstone Capital Markets* acted as Co-Manager for the offering.
A registration statement relating to these securities has been filed with the Securities and Exchange Commission and became effective on October 15, 2020. The offering was made by means of a prospectus. Copies of the final prospectus relating to this offering may be obtained from Cowen and Company, LLC c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY, 11717, Attn: Prospectus Department, by email at PostSaleManualRequests@broadridge.com or by telephone at (833) 297-2926; Evercore Group L.L.C., Attention: Equity Capital Markets, 55 East 52nd Street, 36th Floor, New York, NY 10055, by telephone at (888) 474-0200, or by e-mail at: ecm.prospectus@evercore.com; and Piper Sandler & Co., 800 Nicollet Mall, J12S03, Minneapolis, MN 55402, by telephone at (800) 747-3924, or by email at prospectus@psc.com.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state, province, territory or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state, province, territory or jurisdiction.
*Securities are offered through Blackstone Securities Partners L.P.
About Praxis
Praxis Precision Medicines is a clinical-stage biopharmaceutical company translating genetic insights into the development of therapies for central nervous system disorders characterized by neuronal imbalance.
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