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

Praxis Precision Medicines (NASDAQ: PRAX) announced participation in a fireside chat at the H.C. Wainwright 24th Annual Global Investment Conference on September 14, 2022, at 10:30 a.m. ET. This event will focus on the company's advancements in CNS therapies targeting neuronal excitation-inhibition imbalance. Investors can access the live webcast on the company's website, with a replay available for 90 days after the event. Praxis is developing multiple clinical-stage product candidates for various CNS disorders.

Praxis Precision Medicines (NASDAQ: PRAX) announced the initiation of the PRAX-222 EMBRAVE clinical study, targeting pediatric patients with SCN2A developmental and epileptic encephalopathy (DEE), following FDA clearance of its IND application. The study aims to gather safety and efficacy data for dose escalation. Additionally, Praxis plans to start the Phase 2 study for PRAX-562 outside the U.S. after a clinical hold by the FDA. PRAX-222 has demonstrated significant potential in preclinical models, receiving Orphan Drug Designation from the FDA, while PRAX-562 shows promising results in initial studies.

Praxis Precision Medicines (NASDAQ: PRAX) provided a corporate update and reported financial results for Q2 2022. The company has $165.4 million in cash as of June 30, supporting operations into Q1 2024. Key clinical highlights include encouraging topline results from the Phase 2a study of PRAX-944 for essential tremor and the completion of the Phase 1 study for PRAX-562, confirming its potential therapeutic window. However, the PRAX-114 Phase 2 study for major depressive disorder was discontinued due to failure to meet statistical significance.

Praxis Precision Medicines (NASDAQ: PRAX) announced its participation in the Wedbush PacGrow Healthcare Virtual Conference on August 10, 2022, at 12:35 p.m. ET. The panel, titled “Got My Mind Set On You – Advancing Novel Epilepsy Targets,” will focus on therapies addressing central nervous system (CNS) disorders characterized by neuronal excitation-inhibition imbalance. Interested parties can access the live webcast via the company’s website, where a replay will be available for 30 days post-event. Praxis is committed to developing innovative solutions for various CNS disorders.

Praxis Precision Medicines announced that the Phase 2/3 Aria Study for PRAX-114 in treating major depressive disorder did not achieve statistical significance on its primary endpoint. Despite well-tolerated results, the study's failure is disappointing for the company. In response, Praxis will refocus resources on its Movement Disorders and Epilepsy franchises, extending its cash runway into 2024. The company plans to prioritize Phase 2b results for PRAX-944 and proof-of-concept for PRAX-562.

Praxis Precision Medicines (NASDAQ: PRAX) has appointed Jill DeSimone to its board of directors, enhancing its leadership with her extensive experience in oncology and pharmaceuticals. DeSimone previously served as President of U.S. Oncology at Merck & Co. and has a notable background at other leading firms like Teva and Bristol Myers Squibb. Her expertise in product launches and patient care aligns with Praxis's mission to develop therapies for CNS disorders. The company is optimistic about leveraging her insights during a pivotal time for its growth and product development.

Praxis Precision Medicines (NASDAQ: PRAX) has announced its participation in two upcoming investor conferences. The first is the Citi Biotech Virtual Co-Panel Day on May 18, 2022, featuring panels on 'Mood Disorders/Mental Health' at 11:00 a.m. ET and 'Movement Disorders/Epilepsy' at 3:30 p.m. ET. The second is the H.C. Wainwright Global Investment Conference, where a company presentation will be available on May 24, 2022, at 7:00 a.m. ET. Webcasts of these events can be accessed on their website, with replays available for 90 days.

Praxis Precision Medicines (NASDAQ: PRAX) provided a corporate update on May 9, 2022, highlighting positive results from its Phase 2a study of PRAX-944 for essential tremor. The drug showed a 42% mean improvement in the Modified Activities of Daily Living score. The PRAX-114 Aria Study for Major Depressive Disorder is also complete, with topline results expected in June 2022. The company reported a cash balance of $222.5 million as of March 31, 2022, a decrease from $275.9 million, and a net loss of $68.7 million in Q1 2022.

PRAX-944 has shown promising results in the Phase 2a study for treating essential tremor (ET). A mean improvement of 42% in the Modified Activities of Daily Living score was observed by Day 42, with a significant distinction during the randomized withdrawal phase. The treatment was well-tolerated with no new safety findings. Following these results, Praxis intends to update the primary endpoint for the Phase 2b Essential1 study to focus on efficacy, indicating progress towards a potential treatment for ET patients.