Business
NRx Pharmaceuticals Announces Definitive Purchase Agreement for Preferred Shares at $0.40 per share
NRx Pharmaceuticals received approximately $1.2 million in cash from existing investorsPreferred shares to sold at $0.40; shares convert to one common share
About this update from Nrx Pharmaceuticals, Inc.
[{"type":"text","content":"NRx Pharmaceuticals received approximately $1.2 million in cash from existing investorsPreferred shares to sold at $0.40; shares convert to one common share and one common warrant ($0.40/ strike) after six monthsShare purchase will assist the Company in development of NRX-101 in Suicidal Bipolar Depression and Chronic Pain and general corporate purposesRADNOR, 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.\n\"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.\nThe 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.\nThis 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.\nAbout NRX-101\nNRX-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 ...