PaxMedica Secures Immediate Exercise of Warrants
PaxMedica (OTC PINK:PXMD), a clinical-stage biopharmaceutical company, has announced agreements for the immediate exercise of warrants to purchase up to 4,423,080 shares of common stock. The warrants, originally issued in November 2023 with an exercise price of $1.30 per share, will now be exercised at a reduced price of $0.20 per share. In exchange, PaxMedica will issue new unregistered warrants to purchase up to 8,846,160 shares of common stock at $0.20 per share, exercisable immediately with a five-year term.
The company expects to raise gross proceeds of $884,616 from this transaction, which will be used for the development of PAX-101, working capital, and general corporate purposes. H.C. Wainwright & Co. is acting as the exclusive placement agent for the offering, which is expected to close around September 4, 2024.
PaxMedica (OTC PINK:PXMD), un'azienda biofarmaceutica in fase clinica, ha annunciato accordi per l'esercizio immediato di warrants per l'acquisto fino a 4.423.080 azioni ordinarie. I warrants, originariamente emessi a novembre 2023 con un prezzo di esercizio di $1,30 per azione, saranno ora esercitati a un prezzo ridotto di $0,20 per azione. In cambio, PaxMedica emetterà nuovi warrants non registrati per acquistare fino a 8.846.160 azioni ordinarie a $0,20 per azione, esercitabili immediatamente con una scadenza di cinque anni.
L'azienda prevede di raccogliere proventi lordi di $884.616 da questa transazione, che saranno utilizzati per lo sviluppo di PAX-101, capitale circolante e scopi aziendali generali. H.C. Wainwright & Co. sta agendo come agente di collocamento esclusivo per l'offerta, che dovrebbe chiudere attorno al 4 settembre 2024.
PaxMedica (OTC PINK:PXMD), una empresa biofarmacéutica en etapa clínica, ha anunciado acuerdos para el ejercicio inmediato de warrants para comprar hasta 4.423.080 acciones comunes. Los warrants, emitidos originalmente en noviembre de 2023 con un precio de ejercicio de $1.30 por acción, ahora se ejercerán a un precio reducido de $0.20 por acción. A cambio, PaxMedica emitirá nuevos warrants no registrados para comprar hasta 8.846.160 acciones comunes a $0.20 por acción, ejercitables de inmediato con un plazo de cinco años.
La compañía espera recaudar ingresos brutos de $884.616 de esta transacción, que se utilizarán para el desarrollo de PAX-101, capital de trabajo y fines corporativos generales. H.C. Wainwright & Co. actúa como agente de colocación exclusivo para la oferta, que se espera cierre alrededor del 4 de septiembre de 2024.
PaxMedica (OTC PINK:PXMD), 임상 단계의 생명공학 회사는 워런트 즉시 행사에 대한 계약을 발표했습니다. 최대 4,423,080주의 보통주를 구매합니다. 이 워런트는 2023년 11월에 발행되었고, 주당 행사 가격은 $1.30였으며, 이제 주당 $0.20의 감소된 가격으로 행사됩니다. 대신 PaxMedica는 최대 8,846,160주의 보통주를 주당 $0.20로 구매할 수 있는 새로운 비등록 워런트를 발행하며, 즉시 행사 가능하고 5년의 유효기간을 가집니다.
회사는 이 거래를 통해 총 수익 $884,616을 확보할 것으로 예상하고 있으며, 이는 PAX-101 개발, 운영 자본 및 일반 기업 목적에 사용될 것입니다. H.C. Wainwright & Co.는 이 오퍼링의 독점 배치 대행사로 활동하고 있으며, 2024년 9월 4일 경에 종료될 예정입니다.
PaxMedica (OTC PINK:PXMD), une entreprise biopharmaceutique en phase clinique, a annoncé des accords pour l'exercice immédiat de warrants permettant d'acheter jusqu'à 4.423.080 actions ordinaires. Les warrants, initialement émis en novembre 2023 avec un prix d'exercice de 1,30 $ par action, seront désormais exercés à un prix réduit de 0,20 $ par action. En échange, PaxMedica émettra de nouveaux warrants non enregistrés pour acheter jusqu'à 8.846.160 actions ordinaires à 0,20 $ par action, exerçables immédiatement avec une durée de cinq ans.
L'entreprise prévoit de lever des produits bruts de 884.616 $ grâce à cette transaction, qui seront utilisés pour le développement de PAX-101, le fonds de roulement et les besoins généraux de l'entreprise. H.C. Wainwright & Co. agit en tant qu'agent de placement exclusif pour l'offre, qui devrait se clôturer autour du 4 septembre 2024.
PaxMedica (OTC PINK:PXMD), ein biopharmazeutisches Unternehmen in klinischer Phase, hat Vereinbarungen für die sofortige Ausübung von Warrants bekannt gegeben, um bis zu 4.423.080 Stammaktien zu kaufen. Die Warrants, die ursprünglich im November 2023 mit einem Ausübungspreis von 1,30 $ pro Aktie ausgegeben wurden, werden nun zu einem reduzierten Preis von 0,20 $ pro Aktie ausgeübt. Im Gegenzug wird PaxMedica neue nicht registrierte Warrants ausgeben, um bis zu 8.846.160 Stammaktien zu einem Preis von 0,20 $ pro Aktie zu kaufen, die sofort ausgeübt werden können und eine Laufzeit von fünf Jahren haben.
Das Unternehmen erwartet, aus dieser Transaktion brutto Einnahmen von 884.616 $ zu erzielen, die für die Entwicklung von PAX-101, Betriebskapital und allgemeine Unternehmenszwecke verwendet werden sollen. H.C. Wainwright & Co. fungiert als exklusiver Platzierungsagent für das Angebot, das voraussichtlich um den 4. September 2024 abgeschlossen wird.
- Immediate cash infusion of $884,616 from warrant exercise
- Funds to be used for development of PAX-101 and working capital
- New warrants issued with longer term (5 years) and lower exercise price ($0.20)
- Significant dilution of existing shareholders due to issuance of 4,423,080 new shares
- Additional potential dilution from 8,846,160 new warrants
- Reduced warrant exercise price from $1.30 to $0.20 indicates potential financial distress
TARRYTOWN, NY / ACCESSWIRE / September 3, 2024 / PaxMedica, Inc. (OTC PINK:PXMD), a clinical-stage biopharmaceutical company dedicated to advancing treatments for neurological disorders, today announced the entry into definitive agreements for the immediate exercise of certain outstanding warrants to purchase up to an aggregate of 4,423,080 shares of common stock of the originally issued in November 2023, having an exercise price of 1.30 per share, at a reduced exercise price of
H.C. Wainwright & Co. is acting as the exclusive placement agent for the offering.
In consideration for the immediate exercise of the warrants for cash, the Company will issue new unregistered warrants to purchase up to 8,846,160 shares of common stock. The new warrants will have an exercise price of
The gross proceeds to the Company from the exercise of the warrants are expected to be
The new warrants described above were offered in a private placement pursuant to an applicable exemption from the registration requirements of the Securities Act of 1933, as amended (the "1933 Act") and, along with the shares of common stock issuable upon their exercise, have not been registered under the 1933 Act, and may not be offered or sold in the United States absent registration with the Securities and Exchange Commission (the "SEC") or an applicable exemption from such registration requirements. The Company has agreed to file a registration statement with the SEC covering the resale of the shares of common stock issuable upon exercise of the new warrants.
This press release shall not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or other jurisdiction.
About PaxMedica
PaxMedica, Inc. is a forward-looking clinical-stage biopharmaceutical firm specializing in cutting-edge anti-purinergic drug therapies (APT) aimed at addressing a range of challenging neurologic disorders. Our comprehensive portfolio encompasses a spectrum of conditions, including neurodevelopmental disorders such as Autism Spectrum Disorder (ASD), as well as other critical areas within the neurology field. Additionally, we intend to provide the rest of the world with an additional, reliable source of suramin, the accepted standard of care for Stage 1, Trypanosoma Brucei Rhodesiense.
We are dedicated to the continuous development and evaluation of our pioneering program, PAX-101, an intravenous suramin formulation that lies at the heart of our efforts, particularly focused on innovative ASD treatment solutions. Our ongoing research initiatives not only prioritize the needs of ASD patients, but also extend to exploring potential therapeutic applications for related conditions. To learn more about our transformative work, please visit www.paxmedica.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 the completion of the offering, the satisfaction of customary closing conditions related to the offering, the expected gross proceeds from the offering, the intended use of proceeds from the offering, our anticipated clinical program, the timing and success of our anticipated data announcements, pre-clinical and clinical trials and regulatory filings, and distribution and demand for our product candidates. 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, regulatory approvals 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
Investor Contact
Scott McGowan
InvestorBrandNetwork (IBN)
Phone: 310.299.1717
ir@paxmedica.com
www.paxmedica.com/investors
SOURCE: PaxMedica, Inc.
View the original press release on accesswire.com
FAQ
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