NRx Pharmaceuticals, Inc. (Nasdaq: NRXP), 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.
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.
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.