QualityStocksNewsBreaks — PaxMedica Inc. (NASDAQ: PXMD) Closes on Public Offering Reaching Estimated $7M
PaxMedica (NASDAQ: PXMD), a biopharmaceutical company focused on advancing treatments for neurological disorders, has closed its previously announced public offering. The offering was comprised of 5,384,615 shares of common stock (or common stock equivalents in lieu thereof) and warrants; the shares were offered at $1.30 per share (or common stock equivalent in lieu thereof) and accompanying warrant. According to the announcement, the warrants also had an exercise price of $1.30 per share, as well as being exercisable immediately upon issuance; the warrants will expire five years after the initial exercise date. The company noted that total gross proceeds for the…