- NRx Pharmaceuticals received approximately $1.0
million in cash from an existing investor
- Shares were sold at $0.38, a
26.7% premium the recent share offering, along with one common
5-year warrant ($0.40/share
strike)
- Share purchase will assist the Company in achieving milestones
across the development pipeline including Suicidal Depression,
Suicidal Bipolar Depression and Chronic Pain data, as well as
general corporate purposes
RADNOR,
Pa., March 1, 2024 /PRNewswire/ -- NRx
Pharmaceuticals, Inc. (Nasdaq: NRXP) ("NRx Pharmaceuticals", the
"Company"), a clinical-stage biopharmaceutical company, today
announced that it entered into a definitive purchase agreement
subject to standard closing conditions with an accredited investor
to purchase approximately 2.7 million shares of unregistered common
stock at $0.38 per share, along with
an equal number warrants to purchase common stock at $0.40 per share; the term on these warrants is
five (5) years. The price of $0.38 per share represents a 26.7% premium to the
company's most recent stock offering.
"In a very difficult biotechnology capital market, we are
pleased to benefit from the support of committed long-term
investors, particularly in their willingness to purchase
unregistered shares for the purpose of long-term
appreciation. In the coming months, we expect to receive data
from two important clinical trials, one in Suicidal Bipolar
Depression and one in Chronic Pain, as well as advance our HTX-100
program in Suicidal Depression with the launch of Hope
Therapeutics," said Stephen Willard,
J.D., Chief Executive Officer of NRx Pharmaceuticals, Inc.
The common shares and warrants subscribed today are not
currently registered and may only be purchased by accredited
investors. They were sold based on unsolicited investor interest
and not as part of any general solicitation.
This press release does not constitute an offer to sell
securities, nor shall there be any sale of these securities in any
jurisdiction in which such offer, solicitation or sale would be
unlawful prior to the registration or qualification under
securities laws of any such jurisdiction.
About NRx Pharmaceuticals
NRx Pharmaceuticals is a clinical-stage biopharmaceutical
company developing therapeutics based on its NMDA platform for the
treatment of central nervous system disorders, specifically
suicidal bipolar depression, chronic pain and PTSD. The Company is
developing NRX-101, an FDA-designated investigational Breakthrough
Therapy for suicidal treatment-resistant bipolar depression and
chronic pain. NRx has partnered with Alvogen and Lotus around the
development and marketing of NRX-101 for the treatment of suicidal
bipolar depression. NRX-101 additionally has potential to act as a
non-opioid treatment for chronic pain, as well as a treatment for
complicated UTI.
NRx has recently announced plans to submit a New Drug
Application for HTX-100 (IV ketamine), through Hope Therapeutics,
in the treatment of suicidal depression, based on results of
well-controlled clinical trials conducted under the auspices of the
US National Institutes of Health and newly obtained data from
French health authorities, licensed under a data sharing agreement.
NRx was awarded Fast Track Designation for development of ketamine
(NRX-100) by the US FDA as part of a protocol to treat patients
with acute suicidality.
About HOPE Therapeutics, Inc.
HOPE Therapeutics, Inc. (www.hopetherapeutics.com) is a
wholly-owned subsidiary of NRX Pharmaceuticals focused on
development and marketing of an FDA-approved form of intravenous
ketamine for the treatment of acute suicidality and depression
together with a digital therapeutic-enabled platform designed to
augment and preserve the clinical benefit of NMDA-targeted drug
therapy.
Notice Regarding Forward-Looking Statements
The information contained herein includes forward-looking
statements within the meaning of Section 21E of the Securities
Exchange Act of 1934, as amended, and Section 27A of the Securities
Act of 1933, as amended. These statements include, among others,
statements regarding the proposed public offering and the timing
and the use of the proceeds from the offering. Forward-looking
statements generally include statements that are predictive in
nature and depend upon or refer to future events or conditions, and
include words such as "may," "will," "should," "would," "expect,"
"plan," "believe," "intend," "look forward," and other similar
expressions among others. These statements relate to future events
or to the Company's future financial performance, and involve known
and unknown risks, uncertainties and other factors that may cause
the Company's actual results to be materially different from any
future results, levels of activity, performance or achievements
expressed or implied by these forward-looking statements. You
should not place undue reliance on forward-looking statements since
they involve known and unknown risks, uncertainties and other
factors which are, in some cases, beyond the Company's control and
which could, and likely will, materially affect actual results,
levels of activity, performance or achievements. Any
forward-looking statement reflects the Company's current views with
respect to future events and is subject to these and other risks,
uncertainties and assumptions relating to the Company's operations,
results of operations, growth strategy and liquidity. More detailed
information about the Company and the risk factors that may affect
the realization of forward-looking statements is set forth in the
Company's most recent Annual Report on Form 10-K and other filings
with the Securities and Exchange Commission. Investors and security
holders are urged to read these documents free of charge on the
SEC's website at http://www.sec.gov. Except as may be required
by applicable law, The Company assumes no obligation to publicly
update or revise these forward-looking statements for any reason,
or to update the reasons actual results could differ materially
from those anticipated in these forward-looking statements, whether
as a result of new information, future events or otherwise.
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SOURCE NRx Pharmaceuticals, Inc.