NetworkNewsBreaks – PaxMedica Inc. (PXMD) Appeal

NetworkNewsBreaks – PaxMedica Inc. (PXMD) Appeals NASDAQ Delisting Decision, Prepares for June FDA Meeting

PaxMedica (OTC: PXMD), a biopharmaceutical company focused on advancing treatments for neurological disorders, has filed a formal notice of appeal with the NASDAQ Office of Appeals and Review; the company is appealing to reverse the decision of the NASDAQ Hearings Panel to delist the company from. The company also announced that it has retained Jacob Frenkel, Dickinson Wright, PLLC as its lead counsel in the appeal. According to the announcement, PaxMedica believes the hearings panel did not sufficiently or appropriately consider crucial aspects of the company’s recent achievements and ongoing actions to regain compliance. “We are seeking a reevaluation of NASDAQ’s recent action based on new developments that underscore our ongoing progress and commitment to addressing global health challenges,” said PaxMedica CEO Howard Weisman in the press release. “Notably, following our announcements on the completion of registration lots of PAX-101 in mid-April, the company just submitted a briefing book for an important FDA Type C meeting scheduled for June 27, during which we will present key updates on our plans for NDA submission later this year. We believe this, as well as our financing plans, which we made known to the Hearings Panel, support persuasively our arguments to appeal and restore trading on NASDAQ.”

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