Praxis Precision Medicines, Inc. Announces Pricing of $150.0 Million Public Offering

BOSTON, Jan. 11, 2024 (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 3,168,275 shares of its common stock at a public offering price per share of $35.50 and, in lieu of shares of common stock, pre-funded warrants to purchase up to an aggregate of 1,056,725 shares of common stock at a purchase price of $35.4999 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 $150.0 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 633,750 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 January 16, 2024, subject to market conditions and the satisfaction of customary closing conditions.

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