Praxis Bioresearch Expands its Board of Directors with Appointment of Adam Levy

By: Praxis Bioresearch, Inc. via GlobeNewswire

September 19, 2023 at 16:00 PM EDT

LOS ANGELES, Sept. 19, 2023 (GLOBE NEWSWIRE) -- Praxis Bioresearch (“Praxis”), a biopharmaceutical company focused on the discovery and development of therapeutics for chronic neuropsychiatric and neurodegenerative disorders with an initial focus on apathy in Alzheimer’s Disease, today announced the appointment of Adam Levy to its Board of Directors (the “Board”). Mr. Levy brings executive, financial and operational leadership experience in biopharmaceuticals.

Appointment to Board of Directors

“We are excited to have Adam join our Board and support our mission to improve the lives of patients with Alzheimer’s Disease,” said Sandeep Patil, MD PhD, chief executive officer of Praxis Bioresearch. “Adam brings an impressive track record of business accomplishments and innovation that will greatly complement our current Board’s experience as Praxis advances PRX-P4-003 further into clinical development.”

Mr. Levy has served as the Chief Financial Officer and Chief Business Officer of Mineralys Therapeutics (Nasdaq: MLYS), a clinical-stage biopharmaceutical company focused on developing medicines to target hypertension, chronic kidney disease and other diseases driven by abnormally elevated aldosterone since March 2022. Prior to Mineralys, he served as the Chief Financial Officer at Sanifit Therapeutics, a clinical-stage biopharmaceutical company focused on treatments for vascular calcification disorders, until it was acquired by Vifor Pharma in January 2022. Prior to Sanifit, he served as the Chief Business Officer at Brickell Biotech, where he led the organization's financial operations transition as it became a publicly listed company on the Nasdaq. Before joining Brickell, Adam was the Chief Business Officer at miRagen Therapeutics, Inc., where he had broad operational responsibilities and led several business development transactions and capital raises, including a listing on the Nasdaq. Previous to his executive roles in biopharmaceuticals, Adam held multiple investment banking positions at Bank of America, Merrill Lynch, Jefferies and Wedbush. During his time as an investment banker, he completed over $30 Billion in financing and M&A transactions for his clients.

“Apathy afflicts as many as 70% of Alzheimer’s patients and there are no approved therapies available,” said Adam Levy. “I am looking forward to working with Sandeep and the Board as we advance PRX-P4-003 into further clinical trials to potentially improve the quality of life for millions of patients suffering with this devastating disease.”

About Apathy in Alzheimer’s Disease
Apathy is the most common noncognitive symptom in Alzheimer’s Disease, affecting nearly 70% of the patients. Untreated apathy can lead to a poor quality of life of the patient, rapid decline in cognition, increased caregiver distress and may result in costly early institutionalization.

About Praxis Bioresearch
Praxis Bioresearch, Inc., is a biopharmaceutical company focused on the discovery and development of therapeutics for chronic neuropsychiatric and neurodegenerative disorders. Praxis’s lead development candidate is PRX-P4-003, a novel prodrug stimulant designed to offer robust clinical activity while reducing risk of side effects. PRX-P4-003 is initially being developed for the treatment of apathy in Alzheimer’s Disease. For more information visit: www.praxisbioresearch.com.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/593ac505-b80d-46f3-8c0e-d65a196ebd0f