🎈 Up Big Today: Find today's biggest gainers with our free screenerTry Stock Screener

Praxis Precision Medicines files for $750M mixed shelf offering

EditorAhmed Abdulazez Abdulkadir
Published 03/05/2024, 10:38 PM
© Reuters.
PRAX
-

In a recent filing with the Securities and Exchange Commission, Praxis Precision Medicines (NASDAQ: PRAX) has announced its intention to raise up to $750 million through a mixed securities offering.

The biopharmaceutical company, known for its commitment to developing therapies for complex and challenging disorders of the brain, plans to offer an array of securities, including common stock, preferred stock, debt securities, warrants, and units.

The move, announced today, allows Praxis Precision Medicines the flexibility to finance its ongoing and future projects by issuing securities in one or more separate series over time. The company has not yet specified the timing for these potential offerings, nor the exact amounts and terms of the securities to be issued.

The mixed shelf registration is a common financial strategy used by public companies to streamline the process of raising capital. It enables them to prepare a single prospectus for multiple, varied offerings of securities, which can then be made available over a three-year period following the registration's effectiveness.

Praxis Precision Medicines' filing indicates that proceeds from the sale of the securities may be used for general corporate purposes. These may include funding research and development, clinical trials, the expansion of the company's product portfolio, working capital, and potentially for acquisitions or investments in complementary businesses or products as opportunities arise.

The biopharmaceutical sector is known for its high research and development costs, and companies like Praxis Precision Medicines often resort to capital markets to fund their extensive and costly development pipelines. The shelf offering provides Praxis with the financial agility to capitalize on market conditions and investor interest as they continue to advance their mission in neuroscience drug development.

The information for this article is based on a press release statement.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.