Praxis Precision Medicines

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Praxis Precision Medicines is a clinical-stage biopharmaceutical company that develops precision medicine for central nervous system disorders based on neuronal imbalance caused by genetic mutations.

The company has four clinical-stage product candidates in its pipeline for treating disorders such as depression, epilepsy, movement disorders, and pain syndromes. The company’s drug candidates include 1) PRAX-944, which is an inhibitor for essential tremor disorder linked to Parkinson’s disease and is set to begin Phase 3 in mid-2023, 2) PRAX-222 in Phase 2 of clinical trials targets the SCN2A gene most commonly associated with early-onset epilepsy, 3) PRAX-562 was designed to block persistent sodium for patients suffering from rare diseases such as headache disorders and severe seizures and completed Phase 1 of clinical trials, and 4) PRAX-628 in Phase 2 clinical trials for treating focal epilepsy that originates in one side or area of the brain and affects one side of the body. Additionally, the firm has six pre-clinical drug candidates.

Funding and financials

The company went public in October 2020, trading on the Nasdaq Global Select Market under the ticker symbol “PRAX”. In June 2023 , the company announced an underwritten public offering of its common shares and pre-funded warrants, to raise approximately USD 59.1 million. The capital raised was used to support the company’s ongoing operations and strategic initiatives, furthering the development of its pipeline and potential future endeavors.

For the year 2022 , net losses increased by 28% YoY to USD 214 million arising from a significant increase in R&D expense (up by 29% YoY). For the six months ended June 2023, the company is yet to generate revenue from drugs, however received collaboration revenue of USD 1.5 million. Further, it reported a decline in net loss by 43.0% YoY to USD 34.3 million. Its cash and cash equivalent as of June 2023 was at USD 124.3 million, compared to USD 61.6 million in December 2022, which the company believes will be adequate to fund operations till Q1 2025.

HQ location:
101 Main Street Suite 1210 Cambridge MA USA
Founded year:
2015
Employees:
51-100
IPO status:
Public
Total funding:
USD 573.1 mn
Last Funding:
USD 200.0 mn (Post IPO Equity; Mar 2024)
Last valuation:
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