Praxis Partners with Remagine to Develop Transdermal Ulixacaltamide, Expanding Essential Tremor Market
PRAX has more than doubled off its 52-week low of $37.19.
Summary
Praxis Precision Medicines announced a strategic collaboration with Remagine Labs to develop a transdermal patch for ulixacaltamide, its lead essential tremor drug. This follows the FDA's acceptance of the New Drug Application for the oral version of ulixacaltamide in April, with a PDUFA date of January 29, 2027. The transdermal delivery system aims to significantly expand the addressable market for ulixacaltamide, which targets a multi-billion-dollar opportunity with 7 million US patients. Praxis is also making an equity investment in Remagine, underscoring commitment to this new delivery method. This collaboration strengthens the drug's competitive positioning and extends the long-term value of the franchise.
At the time of this announcement, PRAX was trading at $330.00 on NASDAQ in the Life Sciences sector, with a market capitalization of approximately $8.7B. The 52-week trading range was $37.19 to $366.52. This news item was assessed with positive market sentiment and an importance score of 8 out of 10. Source: GlobeNewswire.