BOSTON - Praxis Precision Medicines, Inc. (NASDAQ: PRAX), a biopharmaceutical company focused on developing treatments for central nervous system disorders, has set the terms for a significant public offering. The company disclosed the pricing of over 3 million shares of common stock at $35.50 each and pre-funded warrants to purchase over 1 million shares at a slightly reduced price. The expected gross proceeds from this offering are projected to be around $150M, excluding underwriting discounts and other estimated expenses.
This offering is part of the company's efforts to raise capital and is scheduled to conclude around January 16, 2024, contingent on market conditions and other standard closing criteria. Praxis has also provided underwriters a 30-day option to acquire up to an additional 633,750 shares at the public offering price, adjusted for underwriting discounts.
Piper Sandler is the lead book-running manager, with Truist Securities also acting as a book-runner, and H.C. Wainwright & Co. serving as the lead manager for the offering. The shares and pre-funded warrants are being offered pursuant to a shelf registration statement previously filed with and declared effective by the Securities and Exchange Commission (SEC).
Interested parties can obtain copies of the final prospectus supplement, when available, from Piper Sandler & Co. or Truist Securities, Inc. This offering is being made only by means of a prospectus, and selling these securities in any jurisdiction where the offer or sale is not permitted prior to registration or qualification under the local securities laws is prohibited.
The announcement contains forward-looking statements, which are subject to various risks and uncertainties. These include market conditions and the successful completion of the offering. Praxis's forward-looking statements are based on current information and expectations, and the company does not commit to updating any forward-looking statements in the future.
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