RADNOR,
Pa., Jan. 17, 2024 /PRNewswire/ -- NRx
Pharmaceuticals, Inc. (Nasdaq: NRXP) ("NRx" or the "Company"), a
clinical-stage biopharmaceutical company developing therapies for
suicidal depression, chronic pain, and PTSD, today announced that
on January 16, 2024, the Company was
notified by The Nasdaq Stock Market LLC ("Nasdaq") that the Nasdaq
Hearings Panel (the "Panel") granted the Company's request for the
transfer of its listing to The Nasdaq Capital Market, subject to
the Company evidencing compliance with all applicable criteria for
continued listing on the Capital Market tier, including the
$35 million in market value of listed
securities (MVLS) and the $1.00 bid
price requirements. The Company believes it has already satisfied
the market value of listed securities requirement and is working to
evidence compliance with the minimum bid price requirement by
April 16, 2024, as required by the
Panel's decision. An issuer must evidence compliance with the
minimum threshold for at least ten consecutive business days to be
deemed by Nasdaq to have complied with the applicable
requirement.
"NRx is pleased to share this encouraging news with our
shareholders as we continue to meet our drug development milestones
as set outlined in our recent communications (NRx Corporate
Presentation). This quarter we aim to file our first New Drug
Application for NRX-100 (ketamine) for treatment of acute suicidal
depression and look forward to announcing top line results from our
phase 2b/3 trial of NRX-101
(D-cycloserine/lurasidone) in the treatment of suicidal bipolar
depression. These milestones, together with additional updates, are
anticipated in advance of the Nasdaq compliance date," said
Stephen Willard, JD, CEO of NRx.
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 Pharmaceuticals 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 ketamine 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.
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