PRAXIS PHARMACEUTICALS PRXX (OTCBB) PROFILED FEBRUARY 02, 2001 AT $0.30
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Current Stock Range - $0.28 - $0.35
Approx. Market Cap. - $3.12M
Shares Outstanding - 12M
Approx. Current Float - 8M
Web Site: http://www.praxis-pharmaceuticals.com
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EMERGING COMPANY REPORT
Praxis Pharmaceuticals, Inc. (OTC Bulletin Board: PRXX) describes itself as a pre-clinical stage medical research and development company, focusing on the discovery, development, and commercialization of carbohydrate based drugs for the treatment of inflammatory diseases. "The company has recently entered into a joint venture with the Rothschild Investment Banking Group," said CEO David Stadnyk, "which we see as a tremendous testimonial to our company's direction and future." See Full Report at www.emergingcompany.com
Corporate Information -
Australia-based Praxis Pharmaceuticals, Inc. (PRXX) ("the Company" or "PRXX") is a pre-clinical stage medical research and development company specializing in the treatment of inflammatory conditions. The Company was incorporated in The U.S. to take advantage of a drug discovery at the Australian National University. The technical focus of Praxis is the discovery of anti-inflammatory compounds that block the mannose-6-phosphate receptor. Drugs created from this compound have the potential to offer significant advantages over existing therapies. Holding numerous worldwide patents, PRXX's drugs may provide relief to damaged body cells by preventing the igration of disease causing white blood cells, which in turn prevents the tissues from becoming inflamed. The Company's carbohydrate-based drugs are not expensive to make, and areexpected to be more eliable and have fewer side effects than availablealternative drugs. With products in the early stages of research, development and testing, PRXX is entering an under- served market where there is an enormous need. These anti-inflammatory compounds discovered by Praxis will be applicable to a variety of illnesses. Key U.S. markets for potential uses of PRXX's drugs include treatment of psoriasis ($1 billion annually), multiple sclerosis ($2.5 billion), inflammatory eye conditions ($500 million), post-surgical abdominal scars ($1 billion), arthritis ($3 billion), and skin wrinkles ($4 billion). Initially, Praxis's drugs willbe targeted for use in treating common inflammatory disorders such as acne. Longer term, applications can bedeveloped for life-threatening diseases.
Industry Background Biotechnology: One of Today's Most Promising Industries
Biotechnology is a burgeoning worldwide industry and may be the most promising industry on the investment landscape today. Applications of biotech research will likely change the way we live and will have a profound impact on healthcare, agriculture, energy, and environmental management. This is truer today than it has ever been in the past. Only now are the products of the last two decades of research starting to emerge on the market in the form of therapeutic drugs. Several important milestones have been reached including the first successful large animal cloning, the completion of the sequencing of the human genome, and the many announcements of discoveries of the genes that play roles in various diseases. The commercial success of many new biotech-derived drugs, and the solid returns for the companies responsible for bringing them to market, has resulted in a torrent of capital pouring into the sector and greater investor enthusiasm. Currently, there are more than 350 biotech- derived drugs in clinical development, including about 150 for cancer. That figure is likely to grow exponentially; according to the Pharmaceutical Research and Manufacturers of America (PhRMA), only about 500 known targets exist for drug intervention and the information provided by the human genome could increase this number by a factor of 20. Once a company hits the market with a new product, the economic characteristics of the ethical drug industry are very favorable. Positive industry characteristics include the following: favorable demographics, high profit margins, high barriers to entry, and resistance to economic downturns.
Business Model
With products in the early stages of research, development and testing, PRXX is entering an under-served market where there is an enormous need. These anti-inflammatory compounds discovered by Praxis will be applicable to a variety of illnesses. Key U.S. markets for potential uses of PRXX's drugs include treatment of psoriasis ($1 billion annually), multiple sclerosis ($2.5 billion), inflammatory eye conditions ($500 million), post-surgical abdominal scars ($1 billion), arthritis ($3 billion), and skin wrinkles ($4 billion). Initially, Praxis's drugs will be targeted for use in treating common inflammatory disorders such as acne. Longer term, applications can be developed for life-threatening diseases. The balance of revenue could come from a more refined marketing alliance, which could happen in the first two calendar quarters of 2001. All in all, we continue to believe that Praxis represents a solid investment opportunity at these price levels for investors who are willing to accept the high degree of risk associated with this type of investment.
Market Overview
- Praxis is in the pre-clinical stages of developing a new generation of safe, potent drugs made from carbohydrates (organic compounds including sugar) applicable to medical and cosmetic purposes. The Company's drugs focus on the treatment of multiple sclerosis, psoriasis, eye conditions, post-surgical abdominal scarring, and skin wrinkles. Initially, Praxis' drugs will be targeted for use in treating common inflammatory disorders. Longer term, applications can be developed for life- threatening diseases. The Company holds several exclusive, worldwide patents for some of the specific applications being researched and developed.
- The market for the treatment of inflammatory conditions exceeds $10 billion, and existing therapeutics are poor compared with the potential available to Praxis. The Company's unique therapy has the potential to essentially eliminate side effects for a broad range of illnesses, thus producing a safer and more reliable product. The proposed treatment surpasses current treatments, which have generally contained a steroid base, which in certain instances can cause greater problems than those solved.
- In December, Praxis received a $1.9 million Australian government R&D grant to further its research efforts. This, in addition to previous funds, should support operations for the next 15 months.
- In recognition of the significant opportunities for these therapies, Rothschild Capital (France) has purchased a 67% interest in the Company's prescription drug subsidiary.
- The Company's founders include two internationally known researchers at the John Curtin School of Medical Research in Canberra and Canberra Hospital.
Recent Press Releases
Friday, January 19, 2001 Management`s Discussions: 10QSB, PRAXIS PHARMACEUTICALS INC - Edgar Online
Thursday, January 04, 2001 Investrend Research Announces Investment Opinion on Praxis Pharmaceuticals - Businesswire
Monday, December 11, 2000 Praxis Pharmaceuticals Receives Aus$3.4 Million Grant - PRNewswire
Wednesday, December 06, 2000 Pre-Clinical Trials in Animal Models Begin - PRNewswire
Tuesday, December 05, 2000 Shares of PRXX Now Quoted on the OTCBB - PRNewswire
Management Team
Brett Charlton, President
Bill Cowden, Vice President
Robert Smart, Secretary
Summary
An overview is best described by the president of Praxis, In reality Praxis is a young company with tremendous growth potential. We have a highly skilled, dedicated and experienced team. We also have a strong patent position. Our products are targeted at large and currently poorly served markets. This, together with our head start in this new technology puts us in a favourable position in comparison with similar newly formed companies.
Our strategy in the near term is to get at least one of our drugs into the clinical trials process. So in the immediate future we plan to generate sufficient funds to accelerate our clinical program. This, of course, will greatly strengthen our negotiating position with strategic partners and make it clear to our investors that we have the capacity to progress rapidly from the preclinical into the clinical stage. Thus, our key goals over the next 12 to 18 months are to secure at least one strategic alliance with a larger pharmaceutical company and by the end of this time to have entered the clinic with one of our drugs.
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