Board Includes Several Key Opinion Leaders on Autism Spectrum Disorder in U.S.

TARRYTOWN, NY - (NewMediaWire) - March 20, 2023 - 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 announced that it held a Scientific Advisory Board meeting on March 10-12, 2023.  A number of new members have been added to the board, which consists of many key opinion leaders in autism spectrum disorder (ASD) in the United States including:

• Dr Robert Naviaux, Professor of Medicine, Pediatrics, and Pathology, at the University of California, San Diego
• Dr. Robert Findling, Chair of the Department of Psychiatry, at Virginia Commonwealth University School of Medicine
• Dr. Alice Mao, Professor of Psychiatry and Behavioral Sciences, at Baylor College of Medicine
• Dr. Constance Smith-Hicks, Associate Professor of Neurology at Johns Hopkins University and neurologist and research scientist at the Kennedy Krieger Institute
• Dr. Andrew J. Cutler, Clinical Associate Professor of Psychiatry, SUNY Upstate Medical University and Chief Medical Officer, Neuroscience Education Institute
• Dr. Vladimir Maletic, Clinical Professor, Neuropsychiatry and Behavioral Science, University of South Carolina School of Medicine
• Dr. Michael Aman, Professor Emeritus, The Ohio State University Department of Psychology
• Dr. Rakesh Jain, Clinical Professor, Department of Psychiatry Texas Tech University School of Medicine - Permian Basin

The meeting was hosted by PaxMedica’s Chief Medical Officer, Stefan Schwabe, MD, PhD, who commented, “We convened some of the country’s leading experts in autism spectrum disorder in support of our efforts to bring suramin to the next phase of clinical trials. We continue to be very excited about studying a product for the potential treatment of the core symptoms of autism spectrum disorder.”

Dr. Robert Naviaux added, “At the scientific advisory board meeting this weekend, experts from many different areas of medicine came together to share their thoughts on how suramin may work in ASD and how it might work in several other complex disorders. What emerged was a clear vision for the next steps needed to test suramin in autism.  This is expected to be done in a series of international, multicenter, clinical trials that are projected to begin in 2024.”

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. For more information, please visit: www.paxmedica.com

Forward-Looking Statements

This press release contains “forward-looking statements.” Statements contained in this press release other than statements of historical fact are forward-looking statements, including but not limited to statements regarding our anticipated development and operating plan, achievement of anticipated milestones, planned research and development efforts  and other matters regarding the Company’s business strategy, use of capital, and plans and objectives for future operations. 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

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