What's Going On With NRX Pharmaceuticals Stock Tuesday?
NRX Pharmaceuticals, Inc. (NASDAQ:NRXP) shares are moving higher on Tuesday after it oversaw an investment of $27 million in its subsidiary HOPE Therapeutics.
The Details: The purpose of the investment is to fund a nationwide rollup of Interventional Psychiatry Clinics to treat patients with severe, suicidal depression and PTSD. The clinics will use treatments that combine ketamine and other psychedelic medications with Transcranial Magnetic Stimulation and the recently FDA-approved Digital Therapeutics.
The details of the financing include a $27 million stock purchase agreement between HOPE and Smith and Sauer, LLC. The agreement details an immediate $2 million investment and a commitment to invest $25 million in Series A Preferred Stock by April.
“Today’s transaction caps several months of intensive work as we have identified best-in-class interventional psychiatry clinics and assembled the capital from both Anson Funds and Smith and Sauer to consummate the initial acquisitions,” said Jonathan Javitt, MD MPH Chairman of NRx Pharmaceuticals.
“The resources committed today are anticipated to bring the Company to the $100 million revenue threshold. We have initiated a financial advisory relationship with a leading investment bank to assemble the next $400 million of capital required to build a national and international presence.”
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NRXP Price Action: At the time of publication, NRX shares are trading 17.9% higher at $3.36, according to data from Benzinga Pro.
Image: via Shutterstock
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