PaxMedica prices 5.38M shares at $1.30 in public offering

PaxMedica announced the pricing of its public offering of an aggregate of 5,384,615 shares of its common stock and warrants to purchase up to 5,384,615 shares of common stock, at a combined public offering price of $1.30 per share and accompanying warrant. The warrants will have an exercise price of $1.30 per share, will be exercisable immediately upon issuance, and will expire five years after the initial exercise date. The closing of the offering is expected to occur on or about November 22, 2023, subject to the satisfaction of customary closing conditions. H.C. Wainwright & Co. is acting as the exclusive placement agent for the offering. Total gross proceeds to the Company from the offering, before deducting the placement agent’s fees and other offering expenses, are expected to be approximately $7.0 million. The Company intends to use the net proceeds from this offering to repay in full the approximately $0.2 million outstanding under the convertible promissory note held by Lind Global Fund II LP, to advance the Company’s development programs and for general corporate purposes.