Shares of biopharmaceutical company PaxMedica (NASDAQ:PXMD) are soaring higher today after the company bagged a $3.2 million funding from Lind Global Partner.
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PXMD is focused on developing novel anti-purinergic drug therapies (APT) and the funding win is expected to help the company in the development of PAX-101 targeted at autism spectrum disorder (ASD).
The funding comes as a $3.68 million convertible note at a maturity of 18 months and can be converted into PXMD stock at a price of $3.50. further, Lind also gets a four-year warrant to acquire about 800,000 PXMD shares at the exercise price of $3.25 per share.
Shares of the company have now zoomed about 78% over the past month. At the same time, short interest in the stock remains elevated at about 17% at present.
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