PaxMedica (NASDAQ: PXMD) has surged by 92.7% so far on Friday, reflecting the market’s positive reaction to the company’s announcement of significant progress in its drug development efforts.
The company’s shares soared by 125% in post-market trading on Thursday after PaxMedica revealed the completion of three registration/validation batches of its drug PAX-101, an IV formulation of suramin, aimed at treating Stage 1 Human African Trypanosomiasis (HAT).
PaxMedica FDA nod for PAX-101 in offing?
Investors are reacting positively to this development, as it marks a crucial milestone in PaxMedica’s journey towards seeking FDA approval for PAX-101.
This drug, if approved, would be the first and only form of suramin available for the treatment of Stage 1 HAT, caused by the fatal tropical disease Trypanosoma brucei rhodesiense.
The completion of these batches paves the way for PaxMedica to file a New Drug Application (NDA) in the fourth quarter of 2024, further bolstering investor confidence in the company’s prospects.
Moreover, PaxMedica aims to explore the potential of PAX-101 in clinical testing for addressing the core symptoms of Autism Spectrum Disorder (ASD), expanding the drug’s potential market and therapeutic applications.
What did PaxMedica CEO say?
Howard Weisman, PaxMedica’s chairman and CEO, emphasized the company’s long-term vision, highlighting the intention to investigate PAX-101 as a treatment for individuals with ASD. With the major manufacturing milestone achieved, PaxMedica is poised to advance its clinical investigation into the efficacy of PAX-101 for ASD.
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