Praxis precision medicines, inc. announces pricing of $59.1 million public offering

Boston, june 15, 2023 (globe newswire) -- praxis precision medicines, inc. (nasdaq: prax), a clinical-stage biopharmaceutical company translating genetic insights into the development of therapies for central nervous system (cns) disorders characterized by neuronal excitation-inhibition imbalance, today announced the pricing of its underwritten public offering of 55,150,000 shares of its common stock at a public offering price per share of $0.95 and, in lieu of shares of common stock, a pre-funded warrant to purchase up to an aggregate of 7,050,000 shares of common stock at a purchase price of $0.9499, which equals the public offering price per share of the common stock less the $0.0001 per share exercise price of each pre-funded warrant. the gross proceeds from the offering are expected to be approximately $59.1 million, before deducting underwriting discounts and commissions and estimated offering expenses payable by praxis. all shares and the pre-funded warrant in the offering are being offered by praxis. in addition, praxis has granted the underwriters a 30-day option to purchase up to 9,299,690 additional shares of common stock at the public offering price, less the underwriting discount and commission. the offering is expected to close on or about june 21, 2023, subject to market conditions and the satisfaction of customary closing conditions.
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