Rare Daily Staff
Praxis Precision Medicines, a clinical-stage biopharmaceutical company translating genetic insights into the development of therapies for central nervous system disorders characterized by neuronal imbalance, raised $91.3 million in a public offering of 5 million shares of its common stock at $18.25 per share.
Praxis Precision Medicines made its debut one year ago with a mid-stage clinical pipeline of therapies for both prevalent and rare brain disorders with overlapping disease biology. The company leverages recent discoveries in the genetics of epilepsy, which have elucidated genes that when dysregulated, drive a range of neuropsychiatric and movement disorders. Using these insights, Praxis is rapidly advancing a pipeline of treatments that specifically address genes controlling the imbalance of excitation and inhibition of neuronal circuitry at the core of multiple CNS disorders.
The company’s lead drugs in development include PRAX-114, a GABAA positive allosteric modulator in phase 2 development for the treatment of major depressive disorder and perimenopausal depression; PRAX-944, a T-type calcium channel blocker in phase 2 development for the treatment of essential tremor; and PRAX-562, currently in phase 1 development for the treatment of genetic epilepsies including pediatric epilepsy and adult cephalgia.
Praxis intends to use the net proceeds from the offering to advance PRAX-114 into and through the several mid- and late-stage studies as a treatment for major depressive disorder, post-traumatic stress disorder, essential tremor and one other.
The financing will also be used to advance its other programs including its ongoing studies of PRAX-944 in essential tremor and Parkinson’s disease, and its ongoing PRAX-562 studies for the treatment of various neuralgias, and developmental and epileptic encephalopathies, including SCN8A-DEE and SCN2A-DEE.