PaxMedica, Inc. Provides Business Update and Reports Third Quarter 2022 Financial Results
-PXMD Strengthened Executive Team and Board of Directors With Recent Appointments After IPO in August 2022-
-Phase 3 Results for HAT-301 Trial Expected in First Half 2023-
TARRYTOWN, NY, Nov. 15, 2022 (GLOBE NEWSWIRE) -- via NewMediaWire – PaxMedica, Inc. (NASDAQ:PXMD), a clinical stage biopharmaceutical company focusing on the development of novel anti-purinergic drug therapies ("APT") for the treatment of disorders with intractable neurologic symptoms, today provided a business update and reported financial results for the third quarter of 2022, ended September 30, 2022.
Howard Weisman, Chief Executive Officer of PaxMedica, commented, "The third quarter was PaxMedica's first as a public company and we reached a number of milestones. These included appointing Stephen D. Sheldon as Chief Financial Officer and subsequent to quarter end, the appointment of Dr. Stefan Schwabe MD, PhD, as Chief Medical Officer to direct all of the product development activities for PaxMedica's pipeline products. We were also excited to announce the appointment of Chuck Casamento to the Board of Directors and as Chair of the Audit Committee. Chuck is well known in the specialty pharma industry having built several pharmaceutical companies and serving as an independent director at several public companies. We now have three independent directors on our Board following the appointment in May of Dr. John Coelho, an enterprise medical strategist leader, and Karen LaRochelle, a long standing pharmaceutical business development executive who joined the Board in 2020. Each of these directors brings deep expertise and distinctive insight to PaxMedica as we work to achieve our goals."
"After the IPO and other initial costs, we ended the third quarter with $5.6 million in cash. We have a lean cost structure in place to conserve cash going forward. Most recently, and subsequent to quarter end, we announced the initiation of a Phase 3 trial, HAT-301, as part of our strategic plan to accelerate US market approval of PAX-101 (intravenous suramin). The Phase 3 HAT-301 trial is a pivotal, retrospective, controlled analysis of suramin for the treatment of the rare and fatal tropical disease, Stage 1 Trypanosoma Brucei Rhodesiense Human African Trypanosomiasis (Stage 1 TBR HAT). The final results are expected in the first half of 2023, and we look forward to releasing the data at the appropriate time," concluded Mr. Weisman.
For PaxMedica's complete financial results for the three-month period ended September 30, 2022, see the Company's Quarterly Form 10-Q filed with the Securities and Exchange Commission on November 14, 2022.
About PaxMedica
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 believed to be viral in origin and now with rising incidence globally due to the long term effects of SARS-CoV-2 ("COVID-19"). 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 advancement of the clinical understanding of using that agent against other disorders such as ME/CFS and Long COVID-19 Syndrome, a clinical diagnosis in individuals who have been previously infected with COVID-19.
Forward-Looking Statements
This press release contains "forward-looking statements." Forward-looking statements reflect our current view about future events. 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. 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. 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 in the Company's registration statement. most recent quarterly reports and other filings with the U.S. Securities and Exchange Commission.
Contacts:
Stephanie Prince
PCG Advisory
[email protected]
(646) 863-6341
