- NRx Pharmaceuticals received approximately $2.9 million in cash from existing
investors.
- Offering will assist the Company to initiate its National
Treatment Protocol and Safety Database for NRX-101 for
Treatment-Resistant Bipolar Depression with Risk of Self Harm.
RADNOR,
Pa., March 9, 2023 /PRNewswire/ -- NRx
Pharmaceuticals, Inc. (Nasdaq: NRXP) ("NRx Pharmaceuticals",
the "Company"), a clinical-stage CNS biopharmaceutical company, a
Delaware Corporation, today announced that it consummated an
offering of 3,766,666 shares of common stock and 3,766,666 warrants
to purchase common stock at a combined purchase price of
$0.75 per share of common stock and
associated warrant. The shares of common stock purchased in the
offering are subject to restriction on transfer for a period of six
(6) months following issuance. The warrants have an exercise
price of $0.75 per share, will be
exercisable commencing six (6) months following issuance and will
have a term of five years from the issuance date.
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The gross proceeds from the offering are expected to be
approximately $2.9 million. The
Company anticipates utilizing the proceeds to initiate its safety
database under an FDA expanded access protocol. This protocol is
now enabled by the manufacturing release of expected commercial
scale NRX-101 material.
NRx Pharmaceuticals' CEO Stephen
Willard said: "In a notably turbulent biotechnology
securities market, we are appreciative of the ongoing support of
knowledgeable and committed long-term-focused investors. All the
investors in this offering have previously established positions in
our Company. We view their investment as a vote of confidence in
our work developing NRX-101 as one of the first oral
antidepressants currently in late-stage clinical studies targeting
the NMDA receptor in the brain as well as PTSD and other
indications. To date, NRX-101 is the only oral NMDA investigational
medicine focused on bipolar depression in patients with acute and
sub-acute suicidality. The proceeds of this offering will be used
to support general working capital needs, including our plan to
initiate a national treatment protocol and safety database. This
program will enable patients with treatment-resistant bipolar
depression and active risk of self-harm to be treated by their
physicians with NRX-101 and that will enable the Company to collect
real-world data on the safety and clinical effectiveness of our
medicine.
The securities in the offering described above are being offered
by the Company pursuant to a registration statement on Form S-3
(File No. 333-265492) that was filed with the Securities and
Exchange Commission (the "SEC") on June 9,
2022, and declared effective by the SEC on June 21, 2022. The offering is being made
only by means of a prospectus, including a prospectus supplement,
forming a part of the effective registration statement. A
prospectus supplement and accompanying prospectus relating to the
securities being offered will be filed with the SEC. Electronic
copies of the prospectus supplement and accompanying prospectus may
be obtained, when available, on the SEC's website at
http://www.sec.gov.
This press release does not constitute an offer to sell or the
solicitation of an offer to buy these 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
Clinical-stage biopharmaceutical company developing therapeutics
for the treatment of central nervous system disorders, specifically
suicidal depression and post-traumatic stress disorder (PTSD). The
company's lead program NRX-101, an oral, fixed-dose combination of
D-cycloserine and lurasidone, targets the brain's NMDA receptor and
is being investigated in a Phase 3 trial under an FDA Special
Protocol Agreement and Breakthrough Therapy Designation in patients
with bipolar depression and suicidal ideation, an indication for
which the only approved treatment is electroshock therapy. NRx
Pharmaceuticals has also initiated a Phase 2b clinical trial in patients with Sub-Acute
Suicidality, a substantially broader indication. The Breakthrough
Therapy Designation and Special Protocol Agreement were awarded by
the FDA based on the Company's prior STABIL-B trial that
demonstrated substantial improvement over available therapy in
reducing depression and suicidality compared to placebo when
patients were treated with NRX-101 after a single dose of
ketamine.
Cautionary Note Regarding Forward-Looking Statements
This announcement of NRx Pharmaceuticals, Inc. includes
"forward-looking statements" within the meaning of the "safe
harbor" provisions of the U.S. Private Securities Litigation Reform
Act of 1995, which may include, but are not limited to, statements
regarding our financial outlook, product development, business
prospects, and market and industry trends and conditions, as well
as the Company's strategies, plans, objectives, and goals. These
forward-looking statements are based on current beliefs,
expectations, estimates, forecasts, and projections of, as well as
assumptions made by, and information currently available to, the
Company's management.
The Company assumes no obligation to revise any forward-looking
statement, whether as a result of new information, future events or
otherwise. Accordingly, you should not place reliance on any
forward-looking statement, and all forward-looking statements are
herein qualified by reference to the cautionary statements set
forth above.
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SOURCE NRx Pharmaceuticals, Inc.