Certain Common Stock of PaxMedica, Inc. are subject to a Lock-Up Agreement Ending on 19-FEB-2024.
February 18, 2024
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Certain Common Stock of PaxMedica, Inc. are subject to a Lock-Up Agreement Ending on 19-FEB-2024. These Common Stock will be under lockup for 91 days starting from 20-NOV-2023 to 19-FEB-2024.
Details:
The officers and directors have agreed with the placement agent to be subject to a lock-up period of 90 days, for each of our officers and directors and 60 days, for us, following the date of this prospectus. This means that, during the applicable lock-up period, we and such persons may not offer for sale, contract to sell, sell, distribute, grant any option, right or warrant to purchase, pledge, hypothecate or otherwise dispose of, directly or indirectly, any of the shares of common stock or any securities convertible into, or exercisable or exchangeable for, shares of common stock, subject to customary exceptions. The placement agent may waive the terms of these lock-up agreements in its sole discretion and without notice. In addition, for a period of 180 days following the closing date of this offering, and have agreed to not issue any securities that are subject to a price reset based on the trading prices of common stock or upon a specified or contingent event in the future or enter into any agreement to issue securities at a future determined price.
PaxMedica, Inc. is a clinical-stage biopharmaceutical company. The Company is focusing on the development of anti-purinergic drug therapies (APT) for the treatment of disorders with intractable neurologic symptoms, ranging from neurodevelopmental disorders, including autism spectrum disorder (ASD), to neurodegenerative disorders, such as Fragile X Tremor Ataxia Syndrome (FXTAS) and post-viral Myalgic Encephalomyelitis/Chronic Fatigue Syndrome (ME/CFS), a debilitating physical and cognitive disorder believed to be viral in origin and with rising incidence globally due to the long-term effects of SARS-CoV-2 (COVID-19). Its lead program PAX-101 is an intravenous formulation of suramin, in the treatment of ASD and the advancement of the clinical understanding of using that agent against other disorders fragile X syndrome (FXS), FXTAS, ME/CFS and Long COVID-19 Syndrome (LCS), a clinical diagnosis in individuals who have been previously infected with COVID-19.