PaxMedica, Inc. (NASDAQ: PXMD) exhibited a notable upswing of 47.54% in its stock price, ultimately settling at $4.50 during the previous trading session. This substantial surge in PaxMedica’s stock value can be attributed to a publication announcement by the biopharmaceutical company.
On Tuesday, PaxMedica (PXMD) officially disclosed their groundbreaking research findings in the prestigious Annals of General Psychiatry. Spearheaded by their Chief Medical Officer, Dr. David Hough, and supported by a team of distinguished co-authors specializing in Autism Spectrum Disorder (ASD), this research delved into the potential therapeutic benefits of low-dose suramin intravenous infusions as a treatment for ASD.
The comprehensive 14-week study enlisted the participation of 52 boys aged between 4 and 15, each afflicted with varying degrees of moderate to severe ASD. The study primarily sought to assess the effectiveness and safety profile of suramin intravenous infusions. Encouragingly, the group receiving 10 mg/kg of suramin displayed promising results in ameliorating core symptoms.
Remarkably, the study unveiled statistically significant enhancements on the Clinical Global Impressions-Improvement (CGI-I) scale within the 10 mg/kg suramin group when compared to the placebo cohort. These findings have provided PaxMedica with compelling insights into the potential of suramin as a secure and efficacious treatment for the core symptoms of ASD.
Moreover, PXMD recently initiated a partnership with Bourne Partners, a preeminent financial services firm with specialization in the pharmaceutical, pharmaceutical services, and consumer health sectors. This marks a pivotal milestone in PaxMedica’s endeavor to explore the possible monetization of a Priority Review Voucher (PRV) before submitting the New Drug Application (NDA) for PAX-101, a drug designed for the treatment of African Sleeping Sickness.
The collaboration with Bourne Partners underscores PaxMedica’s unwavering dedication to optimizing its invaluable assets in support of the advancement of pioneering healthcare solutions. By capitalizing on Bourne Partners’ extensive experience and network within the healthcare industry, PaxMedica aspires to bolster its initiatives in the realm of neurologic disorders and expedite vital research and development endeavors.