Business
NRx Pharmaceuticals Closes $11 Million Unsecured Debt Financing
RADNOR, Pa., Nov. 7, 2022 /PRNewswire/ -- NRx Pharmaceuticals, Inc. (Nasdaq: NRXP) ("NRx Pharmaceuticals" or the "Company"), a clinical-stage CNS
About this update from Nrx Pharmaceuticals, Inc.
[{"type":"text","content":"RADNOR, Pa., Nov. 7, 2022 /PRNewswire/ -- NRx Pharmaceuticals, Inc. (Nasdaq: NRXP) (\"NRx Pharmaceuticals\" or the \"Company\"), a clinical-stage CNS biopharmaceutical company, today announced that it has obtained approximately $11 million in unsecured debt financing (the \"Note\") from Streeterville Capital, LLC, a Utah limited liability company. The Company intends to use the net proceeds from the Note (approximately $10 million) to support its NRX-101 development programs for the treatment of suicidal bipolar depression and PTSD and for general corporate purposes.\n\n \n \n \n \n \n \n\n \nNRx Pharmaceuticals Closes $11 Million Unsecured Debt Financing Enabling the Company to Complete Phase 3 Trials.\"Someone attempts suicide every 27 seconds in the United States and the only approved treatment of suicidal bipolar depression remains electroshock therapy. We are pleased that Streeterville Capital has recognized the extraordinary potential of NRX-101, delivered conveniently as an oral medicine, to target the unmet medical needs of this patient population. This funding, together with our cash on hand, will support the Phase 3 trial outlined in our Special Protocol Agreement with the U.S. Food and Drug Administration targeting patients with bipolar depression and acute suicidal ideation\" said Stephen Willard, CEO of NRx Pharmaceuticals.\nThe Note has an interest rate of 9% per annum and has a maturity date of 18 months. The Company has the option to prepay the Note during the term by paying an amount equal to 110% of the principal, interest, and fees owed as of the prepayment date. The Noteholder has the right to redeem up to $1,000,000 of the outstanding balance of the Note per month starting 6 months after the issuance date. Payments may be made by the Company at its option in: (i) cash, (ii) shares of our common stock, or (iii) a combination of cash and shares of our common stock. The Company's right to satisfy the redemption amount in common stock is subject to certain conditions. Additional details regarding the purchase and the terms of the Notes may be found in the Company's Current Report on Form 8-K to be filed with the Securities and Exchange Commission.\nThis press release does not constitute an offer to sell or the solicitation of an offer to buy, nor will there be any sales of these securities in any jurisdiction in...