NRx Pharmaceuticals Closes $11 Million Unsecured Debt Financing
Summary
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. 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.The Note has an interest rate of 9% per annum and has a maturity date of 18 months. The Breakthrough Therapy Designation and Special Protocol Agreement were awarded by the FDA based on the Companys 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.This announcement of NRx Pharmaceuticals, Inc. includes "forward-looking statements" within the meaning of the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995, which may include, but are not limited to, statements regarding our financial outlook, product development, business prospects, and market and industry trends and conditions, as well as the Companys strategies, plans, objectives, and goals.