CAMBRIDGE, Mass., Oct. 15, 2020 (GLOBE NEWSWIRE) -- Praxis Precision Medicines, Inc. (NASDAQ: PRAX), a clinical-stage biopharmaceutical company translating genetic insights into the development of therapies for central nervous system disorders characterized by neuronal imbalance, today announced the pricing of its upsized initial public offering of 10,000,000 shares of common stock at a public offering price of $19.00 per share. All of the shares are being offered by Praxis. The gross proceeds of the offering, before deducting underwriting discounts and commissions, and other offering expenses payable by Praxis, are expected to be approximately $190.0 million. Praxis has granted the underwriters a 30-day option to purchase up to an additional 1,500,000 shares of common stock at the initial public offering price less underwriting discounts and commissions.

The shares are expected to begin trading on the Nasdaq Global Select Market on October 16, 2020 under the ticker symbol “PRAX.” The offering is expected to close on October 20, 2020, subject to the satisfaction of customary closing conditions.

Cowen, Evercore ISI and Piper Sandler are acting as joint book-running managers for the offering, Wedbush PacGrow is acting as Lead Manager for the offering, and Blackstone Capital Markets* is acting as Co-Manager for the offering.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state, province, territory or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state, province, territory or jurisdiction.

*Securities are offered through Blackstone Securities Partners L.P.

About Praxis
Praxis Precision Medicines is a clinical-stage biopharmaceutical company translating genetic insights into the development of therapies for central nervous system disorders characterized by neuronal imbalance.