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IPO Lockup Expiration: Praxis Precision Medicines

praxisprecisionmedicines april12 lt

The lockup period of Cambridge, Massachusetts-based Praxis Precision Medicines (PRAX) expires today, i.e., April 14, 2021.

Praxis Precision Medicines is a clinical-stage biopharmaceutical company developing therapies for patients affected by central nervous system ("CNS") disorders characterized by neuronal imbalance.

The company's lead candidate is PRAX-114, which is in phase II/III development for the treatment of major depressive disorder, or MDD, as a monotherapy in the U.S. and Australia, with topline data expected in the first half of 2022.

A phase II dose range finding trial of PRAX-114 for adjunctive treatment of MDD is expected to be initiated in the third quarter of 2021.

A three-part Phase 2a clinical trial of PRAX-114 is ongoing in Australia. In Part A of the trial, marked improvements in depression scores in MDD patients were observed within two weeks of treatment. Part B of the trial is enrolling patients with perimenopause depression. The topline data from Part B of the trial is anticipated in the second half of 2021. Part C of the trial, which was intended to evaluate the safety of four-week outpatient dosing and the efficacy profile of PRAX-114 from Day 15 to Day 28 has been completed.

Next up is PRAX-944, currently in phase IIa high dose proof-of-concept open-label trial in Essential Tremor, or ET patients, with preliminary topline data for the high dose cohort expected in mid-year 2021. A phase IIb clinical trial of PRAX-944 in ET is expected to be initiated in the fourth quarter of 2021.

The company's most advanced rare disease candidate is PRAX-562 for the treatment of adult cephalgias. A proof-of-concept trial with PRAX-562 is expected to be initiated in the second half of 2021.

Also in the pipeline is an antisense oligonucleotide (ASO) candidate, PRAX-222, for severe genetic epilepsies. Praxis plans to complete IND-enabling toxicology studies for this compound by the end of 2021.

Praxis Precision Medicines made its debut on the Nasdaq Global Select Market on October 16, 2020, offering its shares at a price of $19 each.

As mentioned above, the 180 day lockup period expires on April 14, 2021.

PRAX opened the first day of trading (i.e. October 16, 2020) at $25.94 and closed at $27.80 that day. The stock has thus far hit a low of $23.90 and a high of $60.95.

PRAX closed Tuesday's trading at $30.37, up 1.40%.

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