NetworkNewsBreaks – PaxMedica Inc. (PXMD) Announ
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Posted On: 09/03/2024 5:20:26 PM
NetworkNewsBreaks – PaxMedica Inc. (PXMD) Announces Immediate Exercise of Warrants to Total Approximately $884K
PaxMedica (OTC: PXMD), a clinical-stage biopharmaceutical company dedicated to advancing treatments for neurological disorders, has entered into definitive agreements for the immediate exercise of certain outstanding warrants. The agreements outline the “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 $0.20 per share,” the company stated in the press release. H.C. Wainwright & Co. is acting as the exclusive placement agent for the offering.
The announcement noted that PaxMedica will also issue new unregistered warrants to purchase up to 8,846,160 shares of common stock, with an exercise price of $0.20 per share. Gross proceeds from the exercise of warrants is estimated to total $884,616, before deductions and fees. PaxMedica anticipates using the funds from the offering to continue development of its PAX-101 program as well as for working capital and general corporate purposes.
NOTE TO INVESTORS: The latest news and updates relating to PXMD are available in the company’s newsroom at https://nnw.fm/PXMD
Please see full terms of use and disclaimers on the NetworkNewsWire website applicable to all content provided by NNW, wherever published or republished: http://NNW.fm/Disclaimer
PaxMedica (OTC: PXMD), a clinical-stage biopharmaceutical company dedicated to advancing treatments for neurological disorders, has entered into definitive agreements for the immediate exercise of certain outstanding warrants. The agreements outline the “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 $0.20 per share,” the company stated in the press release. H.C. Wainwright & Co. is acting as the exclusive placement agent for the offering.
The announcement noted that PaxMedica will also issue new unregistered warrants to purchase up to 8,846,160 shares of common stock, with an exercise price of $0.20 per share. Gross proceeds from the exercise of warrants is estimated to total $884,616, before deductions and fees. PaxMedica anticipates using the funds from the offering to continue development of its PAX-101 program as well as for working capital and general corporate purposes.
NOTE TO INVESTORS: The latest news and updates relating to PXMD are available in the company’s newsroom at https://nnw.fm/PXMD
Please see full terms of use and disclaimers on the NetworkNewsWire website applicable to all content provided by NNW, wherever published or republished: http://NNW.fm/Disclaimer
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