Praxis Precision Medicines, Inc. Stock Price, News & Analysis

Praxis Precision Medicines announced positive results from its PRAX-114 Phase 2a proof-of-concept trial for perimenopausal depression (PMD). Participants receiving a daily 60 mg dose showed a 60% reduction in moderate-to-severe hot flashes and a 68% decrease in the Meno-D total score after 14 days. Mood symptoms also improved, with a 47% reduction in HAM-D scores. PRAX-114 was well tolerated with no significant safety concerns. Given these results, the company plans to advance PRAX-114 to a Phase 2b study by the end of 2021, responding to the substantial unmet need of approximately 3 million U.S. women suffering from PMD.

Praxis Precision Medicines announced participation in a fireside chat at the 2021 Wedbush PacGrow Healthcare Virtual Conference, scheduled for August 10, 2021, at 9:10 a.m. ET. The event will feature management discussing the company's advancements in therapies for central nervous system disorders driven by genetic insights. Investors can access the live webcast through the company's website, with a replay available for 90 days post-event. Praxis focuses on a range of CNS disorders, including depression and epilepsy, with three clinical-stage product candidates.

Praxis Precision Medicines (NASDAQ: PRAX), a clinical-stage biopharmaceutical company, has announced its participation in two upcoming virtual investor conferences. The first event is the Cowen Psychedelics & Novel Mechanisms in Neuropsychiatry Summit on July 13, 2021, featuring a fireside chat at 3:00 p.m. ET. The second is the William Blair Biotech Focus Conference on July 15, 2021, with an 'Updates in Neuropsych' panel at 12:00 p.m. ET. Both events will be webcasted and available for replay for 90 days post-event. For more details, visit www.praxismedicines.com.

Praxis Precision Medicines (NASDAQ: PRAX) announces the appointment of Tim Kelly as chief financial officer, effective immediately. Kelly joins from Foundation Medicine, bringing over 20 years of experience in finance within the life sciences sector. CEO Marcio Souza highlighted Kelly’s diverse background, emphasizing his role in guiding the company’s strategic objectives amid a well-capitalized position following recent equity financing. Kelly expressed enthusiasm for joining Praxis, noting the potential of the deep pipeline of CNS drug candidates and upcoming milestones.

Praxis Precision Medicines (NASDAQ: PRAX) has announced its participation in two upcoming virtual investor conferences. The RBC Capital Markets Global Healthcare Conference presentation is scheduled for May 19, 2021, at 2:30 p.m. ET. Additionally, a prerecorded presentation at the Oppenheimer Rare & Orphan Disease Summit will be available on May 21, 2021, at 8:00 a.m. ET. Both events can be accessed via the company's website, and replays will be available for 90 days.

Praxis Precision Medicines has priced an underwritten public offering of 5,000,000 shares at $18.25 each, totaling approximately $91.25 million. The offering, expected to close by May 18, 2021, is aimed at advancing clinical trials for PRAX-114 and PRAX-944 targeting major depressive disorder and other CNS disorders. The offering includes a 30-day option for underwriters to acquire an additional 750,000 shares. Proceeds will also support ongoing trials for PRAX-562 and other development initiatives.

Praxis Precision Medicines (NASDAQ: PRAX) announced an underwritten public offering of 4,000,000 shares of common stock, with underwriters having an option to purchase an additional 15%. The offering aims to raise funds to advance the clinical development of PRAX-114 for major depressive disorder (MDD), PTSD, essential tremor, and other CNS disorders, alongside supporting ongoing trials for PRAX-944 and PRAX-562. Proceeds will also support working capital and general corporate purposes. The offering is subject to market conditions and regulatory approval.

Praxis Precision Medicines (PRAX) announced significant progress in its CNS disorder pipeline, with new Phase 2 trials for PRAX-114 in post-traumatic stress disorder and essential tremor starting in 2H21, and PRAX-944 for Parkinson's in 1H22. The company reported a cash balance of $270.8 million as of March 31, 2021, sustaining operations into 4Q22. First-quarter net loss was $27.4 million, up from $8.3 million a year earlier, driven by increased R&D and administrative costs. Key trial results are anticipated in 2022.

Praxis Precision Medicines announced that the FDA has granted orphan drug designation to PRAX-562 for treating SCN2A developmental and epileptic encephalopathy (SCN2A-DEE). This designation recognizes the drug as a potential treatment for a rare condition that affects fewer than 200,000 individuals in the U.S. The company plans to initiate a Phase 2 clinical trial in the first half of 2022. PRAX-562 has shown promise in preventing seizures in animal models and could provide new treatment options for patients suffering from this debilitating condition.