Business
NRx Pharmaceuticals Announces Close of $2.9 Million Registered Direct Offering
NRx Pharmaceuticals received approximately $2.9 million in cash from existing investors.Offering will assist the Company to initiate its National Treatment
About this update from Nrx Pharmaceuticals, Inc.
[{"type":"text","content":"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.\n\n \n \n \n \n \n \n\n \nThe 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. \nNRx 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 ...