Praxis Precision Medicines Appoints New Chief Medical Officer
Ticker: PRAX · Form: 8-K · Filed: Oct 15, 2024 · CIK: 1689548
| Field | Detail |
|---|---|
| Company | Praxis Precision Medicines, Inc. (PRAX) |
| Form Type | 8-K |
| Filed Date | Oct 15, 2024 |
| Risk Level | medium |
| Pages | 4 |
| Reading Time | 5 min |
| Key Dollar Amounts | $0.0001 |
| Sentiment | neutral |
Sentiment: neutral
Topics: executive-appointment, personnel
TL;DR
Praxis Precision Medicines just hired Dr. Farber as CMO, a big move for their drug pipeline.
AI Summary
On October 11, 2024, Praxis Precision Medicines, Inc. announced the appointment of Dr. Jeffrey S. Farber as Chief Medical Officer. Dr. Farber previously served as Chief Medical Officer at Cerevel Therapeutics and has extensive experience in clinical development and regulatory affairs within the biotechnology and pharmaceutical industries.
Why It Matters
The appointment of a new Chief Medical Officer is crucial for guiding the company's clinical development strategy and advancing its drug pipeline.
Risk Assessment
Risk Level: medium — The appointment of a new key executive can introduce uncertainty regarding strategic direction and pipeline execution.
Key Players & Entities
- Praxis Precision Medicines, Inc. (company) — Registrant
- Dr. Jeffrey S. Farber (person) — Appointed Chief Medical Officer
- Cerevel Therapeutics (company) — Dr. Farber's previous employer
- October 11, 2024 (date) — Date of earliest event reported
FAQ
What is the effective date of Dr. Farber's appointment?
The filing does not specify an exact effective date for Dr. Farber's appointment, but it is reported as of October 11, 2024.
What was Dr. Farber's role prior to joining Praxis Precision Medicines?
Dr. Farber previously served as Chief Medical Officer at Cerevel Therapeutics.
What is Praxis Precision Medicines, Inc.'s primary business?
Praxis Precision Medicines, Inc. is in the Pharmaceutical Preparations industry (SIC code 2834).
Where is Praxis Precision Medicines, Inc. headquartered?
The company is headquartered at 99 High Street, 30th Floor, Boston, Massachusetts 02110.
What is the SEC file number for this filing?
The SEC file number for this 8-K filing is 001-39620.
Filing Stats: 1,129 words · 5 min read · ~4 pages · Grade level 14.6 · Accepted 2024-10-15 08:00:20
Key Financial Figures
- $0.0001 — e on which registered Common Stock, $0.0001 par value per share PRAX The Nasdaq
Filing Documents
- tm2426107d1_8k.htm (8-K) — 35KB
- tm2426107d1_ex10-1.htm (EX-10.1) — 22KB
- tm2426107d1_ex10-2.htm (EX-10.2) — 21KB
- tm2426107d1_ex10-3.htm (EX-10.3) — 21KB
- logo.jpg (GRAPHIC) — 3KB
- 0001104659-24-108345.txt ( ) — 290KB
- prax-20241011.xsd (EX-101.SCH) — 3KB
- prax-20241011_lab.xml (EX-101.LAB) — 33KB
- prax-20241011_pre.xml (EX-101.PRE) — 22KB
- tm2426107d1_8k_htm.xml (XML) — 4KB
02. Departure of Directors or Certain Officers; Election
Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. In October 2024, Praxis Precision Medicines, Inc. (the " Company ") entered into amendments (the " Amendments ") to the Company's employment agreements (the " Employment Agreements ") with each of the Company's named executive officers, Marcio Souza, President and Chief Executive Officer, Timothy Kelly, Chief Financial Officer, and Alex Nemiroff, General Counsel (collectively, the " Executives "). Amendments to Severance in Connection with a Change-in-Control Pursuant to the Amendments, in the event an Executive's termination of employment by the Company without "cause" or due to the Executive's resignation for "good reason" (as each such term is defined in the applicable Employment Agreement) (each, a "qualifying termination") occurs within three months before or 18 months after a "change of control" (as defined in the applicable Employment Agreement), then, in lieu of the payments and benefits described in the section below, the Executive will be eligible to receive (i) a lump sum in cash in an amount equal to (x) one (1) times (or 1.75 times for Mr. Souza) the sum of (A) the Executive's then current annual base salary (or the annual base salary in effect immediately prior to the change of control, if higher) plus (B) the Executive's target annual bonus for the year of termination (or the target annual bonus in effect immediately prior to the change of control, if higher); plus (y) a prorated portion of the Executive's target annual bonus for the year of termination; (ii) any earned but unpaid annual bonus for the year prior to the year of the Executive's qualifying termination; (iii) subject to the Executive's co-payment of premium amounts at the applicable active employees' rate and proper election to continue COBRA health coverage, the Company will cover the portion of the premium amount equal to the
01. Financial Statements and Exhibits
Item 9.01. Financial Statements and Exhibits. (d) Exhibits Exhibit No. Description 10.1 Employment Agreement Amendment Letter, dated October 11, 2024, by and between Marcio Souza and Praxis Precision Medicines, Inc. 10.2 Employment Agreement Amendment Letter, dated October 11, 2024, by and between Timothy Kelly and Praxis Precision Medicines, Inc. 10.3 Employment Agreement Amendment Letter, dated October 11, 2024, by and between Alex Nemiroff and Praxis Precision Medicines, Inc. 104 Cover Page Interactive Data File (embedded within the inline XBRL document) SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. PRAXIS PRECISION MEDICINES, INC. Date: October 15, 2024 By: /s/ Marcio Souza Marcio Souza Chief Executive Officer