PaxMedica (NASDAQ:PXMD) stock is rocketing higher on Friday after the clinical-stage biopharmaceutical company reached a key milestone in drug development.
The big news here is the company has secured three pivotal registration/validation batches of PAX-101. The company says that this is a key milestone in its plans for a New Drug Application (NDA) set for the fourth quarter of 2024.
Investors are celebrating this news as it puts PAX-101 one step closer to approval from the Food and Drug Administration (FDA). If approved, it would be the first and only form of suramin for the treatment of Stage 1 Human African Trypanosomiasis.
What’s Next for PXMD Stock?
Howard Weisman, chairman and CEO of PaxMedica, said the following about the company’s next plan for PAX-101:
“The long-term vision for PaxMedica is to further clinical investigation of PAX-101 as a treatment for individuals who struggle with Autism Spectrum Disorder. With this important manufacturing milestone completed, we have removed a major impediment to testing PAX-101 as a treatment for the core symptoms of Autism Spectrum Disorder.”
All of this news brings with it heavy trading of PXMD stock this morning. That has more than 5 million shares changing hands as of this writing. That’s quite the leap over its daily average trading volume of about 240,000 shares.
PXMD stock is up 92.7% as of Friday morning.
There are more stock market stories traders need to know about on Friday!
Luckily, we have all of the hottest stock market news ready to go today! That starts with our biggest pre-market stock movers this morning while also catching investors up on yesterday’s news. You can dive into all of that at the links below!
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
