Praxis Precision Medicines Priced $200M Offering of 3.3M Shares at $56.50/Share

Author: Benzinga Newsdesk | March 28, 2024 03:30am

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 3,318,585 shares of its common stock at a public offering price per share of $56.50 and, in lieu of shares of common stock, pre-funded warrants to purchase up to an aggregate of 221,238 shares of common stock at a purchase price of $56.4999 per pre-funded warrant, 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 $200 million, before deducting underwriting discounts and commissions and estimated offering expenses payable by Praxis. All shares and pre-funded warrants in the offering are being offered by Praxis. In addition, Praxis has granted the underwriters a 30-day option to purchase up to 530,973 additional shares of common stock at the public offering price, less underwriting discounts and commissions. The offering is expected to close on or about April 2, 2024, subject to market conditions and the satisfaction of customary closing conditions.

Posted In: PRAX