Shares of clinical-stage biopharmaceutical company PaxMedica (NASDAQ:PXMD) are soaring higher in the pre-market session today after PXMD entered into an equity investment agreement with Lincoln Park Capital.
Under the agreement, PXMD has the right without being obligated to sell its shares worth up to $20 million to Lincoln over a time span of 30 months.
Further, PXMD plans to use the proceeds from this sale for working capital needs and to support its growth.
Importantly, the move provides PXMD maneuvrability as it advances towards the manufacturing validation of intravenous suramin.
Now, the company is preparing to submit the NDA for the human African trypanosomiasis late next year.
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