Praxis Precision Prices $575 Mln Public Offering At $260/shr

(RTTNews) - Praxis Precision Medicines, Inc. (PRAX), a clinical-stage biopharmaceutical company, on Tuesday said it has priced an underwritten public offering of 2.21 million shares of stock at $260 per share.

The offering is expected to close on or about January 8.

The offering includes a 30-day option for underwriters to purchase up to an additional 331,800 shares at the public offering price, less underwriting discounts and commissions.

The company said that the gross proceeds from the offering are expected to be approximately $575 million before underwriting discounts, commissions, and offering expenses.

On Wednesday, the Praxis Precision had closed at $272.90, 4.02 cents lesser on the Nasdaq. In the after-market hours, the stock traded 5.35 cents lesser before ending the trade at $267.55.