PaxMedica Engages Bourne Partners to Explore Future Monetization of Potential Priority Review Voucher (PRV)
Marks Important Step Prior to Filing NDA for African Sleeping Sickness
TARRYTOWN, NY, Nov 1, 2023 (GLOBE NEWSWIRE) -- PaxMedica, Inc.(Nasdaq: PXMD), a pioneering biopharmaceutical company focused on advancing treatments for neurologic disorders, has engaged Bourne Partners, a leading financial services firm specializing in the pharma, pharma services, and consumer health sectors. This marks an important step in PaxMedica'sefforts to explore potential monetization of a PriorityReview Voucher (PRV) prior to filing the NDA forPAX-101 for the treatment of African Sleeping Sickness.
The engagement with Bourne Partners underscores PaxMedica's commitment to optimizing its valuable assets to support the development of innovative healthcare solutions. Leveraging Bourne Partners ' extensive experience and network within the healthcare sector, PaxMedica aims to enhance its initiatives in the field of neurologic disorders and expedite critical research and development efforts.
"We are excited to engage Bourne Partners to explore the structures that could potentially allow the company to monetize the value of a potential PRV," stated Howard Weisman, Chairman and CEO of PaxMedica. "This represents our continued dedication to advancing healthcare solutions and underscores our commitment to driving meaningful change in the field of neurology."
PaxMedica anticipates qualifying for the PRV program as their treatment targets a rare, fatal tropical disease caused by a parasite currently listed by the FDA as eligible for the program. However, it's important to note that PaxMedica has not been granted a PRV, and there is no guarantee that one will be awarded.
Bourne Partners, known for its expertise and deep understanding of the global healthcare sector, brings invaluable insights and resources to the table. With a mission to facilitate the efficient movement of capital through the global healthcare industry, Bourne Partners shares PaxMedica's vision for advancing healthcare and improving patient outcomes worldwide.
Furthermore, PaxMedica reports that the amount outstanding under PaxMedica’s convertible note with Lind GlobalPartners II, LP has decreased through a combination of cash, and the issuance of approximately 0.34 million shares of common stock pursuant to the terms of the note. This has effectively decreased the remaining value of the note from$3.68 million to $2.27 million, enabling PaxMedica to potentially settle the debt earlier than initially anticipated.
For more information about PaxMedica and its groundbreaking research initiatives, please visit www.paxmedica.com. To learn more about Bourne Partners and its comprehensive financial services, visit www.bourne-partners.com.
PaxMedica, Inc. is a forward-looking clinical-stage biopharmaceutical firm specializing in cutting-edge anti-purinergic drug therapies (APT) designed to address challenging neurologic disorders. Our scope encompasses a spectrum of conditions, from neurodevelopmental disorders, including Autism Spectrum Disorder (ASD), to the debilitating Myalgic Encephalomyelitis/Chronic fatigue syndrome (ME/CFS), marked by both physical and cognitive burdens. At PaxMedica, we prioritize the advancement and evaluation of our flagship program, PAX-101—an intravenous suramin formulation—primarily focused on ASD treatment, while also broadening our clinical insights into its potential applications for conditions such as ME/CFS. For more information, visit www.paxmedica.com.
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About Bourne Partners
Bourne Partners is a financial services firm specializing in the pharma, pharma services, and consumer health sectors. Located in Charlotte, North Carolina, the company offers investment banking and advisory services, as well as direct investment opportunities. As owners and operators with over 15 years of experience, Bourne Partners strives to enrich the lives and improve the health and well-being of their partners and patients across the globe by facilitating the efficient movement of capital through the global healthcare sector. For more information, please visit www.bourne-partners.com.
This press release contains “forward-looking statements.”Forward-looking statements reflect our current view about future events. Investors can identify these forward-looking statements by words or phrases such as “may,” “will,” “could,” “expect,” “anticipate,” “aim,” “estimate,”“intend,” “plan,” “believe,” “is/are likely to,” “propose,” “potential,”“continue” or similar expressions. These forward-looking statements include our anticipated clinical program, the timing and success of our anticipated data announcements, pre-clinical and clinical trials and regulatory filings, and statements about the strength of our balance sheet. These forward-looking statements involve known and unknown risks and uncertainties and are based on the Company’s current expectations and projections about future events that the Company believes may affect its financial condition, results of operations, business strategy and financial needs. Such risks and uncertainties include, but are not limited to, risks associated with the Company’s development work, including any delays or changes to the timing, cost, and success of the Company’s productdevelopment and clinical trials, risk of insufficient capital resources, cash funding and cash burn and risks associated with intellectual property and infringement claims. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results described in the Company’s “Risk Factors” section and other sections in its most recent Annual Report on Form 10-K, and subsequent quarterly and other filings with the U.S. Securities and Exchange Commission.