PaxMedica, Inc. Provides Corporate Update After IPO

• PXMD Strengthened Executive Team with Recent Appointment of Stephen D. Sheldon As Chief Financial Officer
• Second Independent Director, Dr. John F. Coelho, Appointed to Board of Directors in May 2022

TARRYTOWN, NY, Sept. 27, 2022 (GLOBE NEWSWIRE) -- via NewMediaWire – PaxMedica, Inc. (Nasdaq: PXMD), a clinical stage biopharmaceutical company focusing on the development of novel anti-purinergic drug therapies (“APT”) for the treatment of disorders with intractable neurologic symptoms, today provided a corporate update after the Company’s initial public offering (“IPO”), which closed on August 26, 2022.

Most recently, PaxMedica appointed Stephen D. Sheldon as Chief Financial Officer in July 2022. In May 2022, Dr. John F. Coelho was appointed to the Company’s Board of Directors.

Howard Weisman, Chief Executive Officer of PaxMedica, commented, “PaxMedica is excited to have completed its IPO and have its shares of common stock trade on the Nasdaq Capital Market. We expect the funds from the capital raise will allow us to advance our studies on several fronts as we work to find treatments for disorders with intractable neurologic symptoms, such as autism spectrum disorder (“ASD”), and seek U.S. Food and Drug Administration approval for PAX-101 in African Sleeping Sickness. We welcome Stephen Sheldon as CFO and John Coelho to the Company’s Board of Directors. Dr. Coelho is the Board’s second independent director, and as an enterprise medical strategist leader from global diversified pharmaceutical and biotech companies, adds a unique perspective to the Board’s work.”

“Stephen Sheldon is a seasoned pharmaceutical entrepreneur and executive with extensive international business development experience. He joins PaxMedica’s leadership team as we enter critical stages of work to seek approval and potentially commercialize our treatments. Importantly, as a newly public company, his entrepreneurial and deal-making experience will bring significant energy and bandwidth to the leadership of the company as we advance our clinical programs and supply chain both in the United States and the rest of the world,” concluded Mr. Weisman.

Mr. Sheldon added, “This is an exciting time for PaxMedica and I’m honored to be joining the leadership team, contributing to the development of effective treatments for patients and their families, and delivering on our mission for the company’s shareholders.”

Prior to joining PaxMedica, Mr. Sheldon served as the Chief Executive Officer of privately held Indochina Healthcare Co. Ltd. (“IHL”), a specialty pharmaceutical and medical device company based in Thailand. Under his leadership, IHL launched several first-to-market biosimilars and immunotherapies in that region. He also currently serves as Trustee of The Sheldon Family Trust, an early investor in PaxMedica. Mr. Sheldon was previously a consultant for PricewaterhouseCoopers Healthcare Advisory in the Chicago, Illinois office, where he was responsible for developing specialty pharmacy patient programs, strategy development for specialty products, and compliance programs. Mr. Sheldon earned an MBA from the Thunderbird School of Global Management at Arizona State University and a BA in Computer Science and Visual Arts from Bowdoin College, Maine.

Dr. Coelho’s career has focused on enterprise medical strategy for global diversified pharmaceutical and biotechnology companies with assignments in the U.S., Europe and Asia spanning multiple therapeutic areas. He has served in leadership roles, including most recently as Senior Vice President of Medical Affairs for Sanofi S.A. in Paris, Global Medical Strategy Leader for Merck and Co. in the U.S. and Head of Asia based in Singapore, and finally as Global Medical Director at Pfizer Inc. He currently serves as Senior Medical Advisor for Lactiga, a preclinical biotherapeutics company developing novel biologics for primary immune-deficiency diseases and Muvon Therapeutics AG, a clinical-stage biotech developing a cell-therapy platform for muscle regeneration based in Switzerland. Dr. Coelho completed his Bachelors in Dental Surgery in Lahore, Pakistan and later a residency at Boston University. He has completed a Certificate in Enterprise Leadership at Harvard University.

About PaxMedica

PaxMedica is a clinical stage biopharmaceutical company focusing on the development of anti-purinergic drug therapies (“APT”) for the treatment of disorders with intractable neurologic symptoms, ranging from neurodevelopmental disorders, including Autism Spectrum Disorder (“ASD”), to Myalgic Encephalomyelitis/Chronic Fatigue Syndrome (“ME/CFS”), a debilitating physical and cognitive disorder believed to be viral in origin and now with rising incidence globally due to the long term effects of SARS-CoV-2 (“COVID-19”). One of PaxMedica’s primary points of focus is the development and testing of its lead program, PAX-101, an intravenous formulation of suramin, in the treatment of ASD and the advancement of the clinical understanding of using that agent against other disorders such as ME/CFS and Long COVID-19 Syndrome, a clinical diagnosis in individuals who have been previously infected with COVID-19.

Forward-Looking Statements

This press release contains “forward-looking statements.” Forward-looking statements reflect our current view about future events. These forward-looking statements involve known and unknown risks and uncertainties and are based on the Company’s current expectations and projections about future events that the Company believes may affect its financial condition, results of operations, business strategy and financial needs. Investors can identify these forward-looking statements by words or phrases such as “may,” “will,” “could,” “expect,” “anticipate,” “aim,” “estimate,” “intend,” “plan,” “believe,” “is/are likely to,” “propose,” “potential,” “continue” or similar expressions. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company’s registration statement. most recent quarterly reports and other filings with the U.S. Securities and Exchange Commission.

Contacts:
ir@paxmedica.com

Stephanie Prince
PCG Advisory
sprince@pcgadvisory.com
(646) 863-6341