PaxMedica (NASDAQ:PXMD) witnessed a nearly 67% surge in its stock following the significant results from its Phase 2 clinical trials. The trials, which were published in the Annals of General Psychiatry, revealed substantial improvements in Autism Spectrum Disorder (ASD) patients treated with a 10 mg/kg dosage of suramin over a period of 16 weeks. This news led to an intense trading session with approximately 23 million PXMD shares changing hands.
The NASDAQ-listed biopharmaceutical firm is known for specializing in anti-purinergic drug therapies (APT). The recent research was a 14-week randomized, double-blind, placebo-controlled study that involved 52 boys aged between 4 and 15 years. The study was led by PaxMedica's Chief Medical Officer, Dr. David Hough.
The research focused on the efficacy and safety of a 10 mg/kg suramin dosage. It showed significant improvements in core symptoms among the suramin group compared to the placebo group. These advancements were measured using the Clinical Global Impressions-Improvement (CGI-I) scale.
Dr. David Hough emphasized the potential of suramin as an effective treatment for ASD. He stated that the significant improvements observed in the trial participants point towards a promising future for this treatment option.
While PaxMedica was at the center of this trading frenzy, other notable stock movements included Vivid Seats (SEAT), which saw a $240 million value increase, and an 11% rise in Ault Alliance (AULT) following a financing agreement. Lucid Motors (NASDAQ:LCID) also made headlines by adopting Tesla (NASDAQ:TSLA)'s charging standard.
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