Praxis Precision Medicines readies IPO

Praxis Precision Medicines (PRAX) has filed a preliminary prospectus for a $100M IPO.

The Cambridge, MA-based biopharmaceutical company says it translates genetic insights into the development of therapies for central nervous system (CNS) disorders characterized by neuronal imbalance including depression, epilepsy, movement disorders and pain syndromes.

Lead candidate is PRAX-114, an extrasynaptic-preferring GABAa receptor positive allosteric modulator (PAM), for the potential treatment of major depressive disorder (MDD) and perimenopausal depression (PMD). Topline data from Part C (longer-term dosing in MDD patients) of a Phase 2a clinical trial should be available next quarter followed by results from Part B in H2 2021. A Phase 2/3 should launch next quarter as well.

PRAX-114's value proposition compared to currently available therapies is a wider therapeutic window, patient-centric dosing and sustained administration.

2020 Financials (6 mo.): Operating Expenses: $20.0M (+14%); Net Loss: ($19.9M) (-14%); Cash Burn: ($18.5M) (-17%).https://seekingalpha.com/news/3617498-praxis-precision-medicines-readies-ipo