Praxis Precision Medicines (PRAX) Teminates Open Market Sale Agreement

As previously disclosed, on December 7, 2023, Praxis Precision Medicines (NASDAQ: PRAX) entered into an Open Market Sale Agreement SM (the “Sales Agreement”) with Jefferies LLC (“Jefferies”), pursuant to which the Company may offer and sell shares of its common stock having an aggregate offering price of up to $75 million from time to time through Jefferies, acting as the sales agent.

On January 10, 2024, the Company delivered written notice to Jefferies to terminate the Sales Agreement pursuant to Section 7(b) thereof, effective immediately. The Company is not subject to any termination penalties related to the termination of the Sales Agreement. Pursuant to the Sales Agreement, the Company has sold an aggregate of 404,643 shares of its common stock for aggregate gross proceeds of approximately $9.6 million.

A copy of the Sales Agreement was filed as Exhibit 1.1 to the Company’s Current Report on Form 8-K filed with the Securities and Exchange Commission on December 7, 2023 (the “Original Current Report”). The description of the Sales Agreement contained in this Current Report on Form 8-K does not purport to be complete and is qualified in its entirety by reference to the copy of the Sales Agreement filed as Exhibit 1.1 to the Original Current Report.

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