- NRx Pharmaceuticals received approximately $1.2
million in cash from existing investors
- Preferred shares to sold at $0.40; shares convert to one common share and one
common warrant ($0.40/ strike) after
six months
- Share purchase will assist the Company in development of
NRX-101 in Suicidal Bipolar Depression and Chronic Pain and general
corporate purposes
RADNOR,
Pa., Aug. 29, 2023 /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 accredited investors to
purchase 3,000,000 shares of preferred stock at $0.40 per share, which will convert, after six
(6) months into 3,000,000 common shares and 3,000,000 warrants to
purchase common stock at a purchase price of $0.40 per
share; the term on these warrants is five (5) years. These shares
may also be converted to common shares at the investor's option
should the closing share price of NRx common stock reach
$1.20 per share during the six-month
period.
"In a very difficult biotechnology capital market, we are
pleased to benefit from the support of committed long-term
investors who are committing capital for a minimum of six
months. Over those six months, we aim to release data from
two important clinical trials, one in Suicidal Bipolar Depression
and one in Chronic Pain," said Stephen
Willard, J.D., Chief Executive Officer and Director of NRx
Pharmaceuticals.
The preferred shares and warrants subscribed today are not
currently registered and may only be purchased by accredited
investors. They were sold based on 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-101
NRX-101, a fixed dose combination of D-cycloserine and
lurasidone, has been granted Fast Track Designation, Breakthrough
Therapy Designation, a Special Protocol Agreement, and a Biomarker
Letter of Support from the FDA for Bipolar Depression with
Suicidality. NRX-101 is further being developed to treat
chronic pain and PTSD.
Up to 50% of individuals with bipolar disorder attempt suicide
over their lifetime, and estimates indicate that up to 20% may die
by suicide. The only FDA-approved treatment for patients with
suicidal bipolar depression remains electroconvulsive therapy.
Conventional antidepressants can increase the risk of suicide in
certain patients; hence their labels contain a warning to that
effect. NRX-101 is a patented, oral, fixed dose combination of
D-cycloserine and lurasidone, neither of which has shown addiction
potential in preclinical models. Based on the results of the
STABIL-B trial, NRX-101 received Breakthrough Therapy Designation
from the FDA for the treatment of patients with severe bipolar
depression and acute suicidality after initial stabilization with
ketamine or other effective therapy.
NRX-101 is one of the first oral antidepressants currently in
late-stage clinical studies targeting the NMDA-receptor in the
brain, which represents potentially a key new mechanism to treat
depression with and without suicidality, as well as chronic pain,
PTSD and other indications.
About NRx Pharmaceuticals
NRX-101, a fixed dose combination of D-cycloserine and
lurasidone, has been granted Fast Track Designation, Breakthrough
Therapy Designation, a Special Protocol Agreement, and a Biomarker
Letter of Support from the FDA for Bipolar Depression with
Suicidality. NRX-101 is further being developed for chronic
pain and PTSD.
Up to 50% of individuals with bipolar disorder attempt suicide
over their lifetime, and estimates indicate that up to 20% may die
by suicide. The only FDA-approved treatment for patients with
suicidal bipolar depression remains electroconvulsive therapy.
Conventional antidepressants can increase the risk of suicide in
certain patients; hence their labels contain a warning to that
effect. NRX-101 is a patented, oral, fixed dose combination of
D-cycloserine and lurasidone, neither of which has shown addiction
potential in preclinical models. Based on the results of the
STABIL-B trial, NRX-101 received Breakthrough Therapy Designation
from the FDA for the treatment of patients with severe bipolar
depression and acute suicidality after initial stabilization with
ketamine or other effective therapy.
NRX-101 is one of the first oral antidepressants currently in
late-stage clinical studies targeting the NMDA-receptor in the
brain, which represents potentially a key new mechanism to treat
depression with and without suicidality, as well as chronic pain,
PTSD and other indications.
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.