![PaxMedica sees shares rise after positive results from its Phase 2 ASD study](https://i-invdn-com.investing.com/news/LYNXMPEB59082_L.jpg)
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PaxMedica (NASDAQ:PXMD) witnessed a nearly 67% rise in its stock following significant results from its Phase 2 clinical trials. The studies, published in the Annals of General Psychiatry, revealed substantial improvements in patients with autism spectrum disorder (ASD) treated with a dose of 10 mg/kg suramin for 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 company is known for its specialization in anti-purinergic drug therapies (APT). The recent study was a 14-week randomized, double-blind, placebo-controlled trial involving 52 boys between the ages of 4 and 15. The study was led by PaxMedica’s Chief Medical Officer, Dr. David Hough.
The study focused on the efficacy and safety of a suramin dose of 10 mg/kg. It showed significant improvements in core symptoms in the suramin group compared to the placebo group. This progress was measured using the Clinical Global Impressions-Improvement (CGI-I) scale.
Dr. David Hough highlighted the potential of suramin as an effective treatment for ASD. He stated that the significant improvements seen in the study participants indicate a promising future for this treatment option.
While PaxMedica was at the center of this trading frenzy, other notable stock moves included Vivid Seats (SEAT), which saw a $240 million increase in value, and an 11% rise in Ault Alliance (AULT) following a financing deal. Lucid Motors (NASDAQ:) also made headlines by adopting Tesla’s (NASDAQ:) charging standard.
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