PaxMedica Shares Surge on Manufacturing Milestone for Lead Candidate PAX-101

Dow Jones04-13

By Josh Beckerman

PaxMedica shares more than doubled Friday after the biopharmaceutical company achieved a key manufacturing milestone for lead drug candidate PAX-101, an IV formulation of suramin.

Shares were at 84 cents in recent trading after closing at 41 cents Thursday. Friday volume was more than 105.8 million shares, compared with a 65-day average 376,795.

The company is pursuing PAX-101 approval for Human African Trypanosomiasis, also known as sleeping sickness. The drug is also being evaluated for autism spectrum disorder, as is PAX-102.

PaxMedica said the completed execution of three pivotal registration/validation batches of PAX-101 is an "important milestone" toward submitting a new drug application to the U.S. Food and Drug Administration.

PaxMedica has said an approval could qualify the company for a tropical disease priority review voucher, and that it could monetize a potential voucher to help fund development and commercialization of PAX-101 and PAX-102 to treat autism spectrum disorder.

Write to Josh Beckerman at josh.beckerman@wsj.com

(END) Dow Jones Newswires

April 12, 2024 14:17 ET (18:17 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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