NRx Pharmaceuticals, Inc. (Nasdaq: NRXP) today announced that its Board of Directors (Board) has authorized its Chairman and management to take all necessary steps to affect a Dividend of HOPE Therapeutics ("HOPE") stock along with a royalty right of 1% of Ketamine sales to NRXP Shareholders and applicable warrant holders. The intent of the Board is to distribute 49% of HOPE stock in this dividend. Shares of HOPE are planned to be publicly listed.
"This Dividend is another important step to building value for all of the Company's stakeholders. We are pleased to be taking these concrete steps to unlock the power and value of our Ketamine franchise for the investors who have supported the company and patients who need this potentially lifesaving product," said Dr. Jonathan Javitt, Founder, Chairman, and Chief Scientist of NRx Pharmaceuticals and co-CEO of Hope Therapeutics. "As we build HOPE into a thriving, publicly-traded Specialty Pharmaceutical company we look forward to continuing to reward our investors."
Instructions and further details will be communicated through the Company's website and usual channels as they become available.
HOPE Therapeutics was recently formed to advance HTX-100 (IV Ketamine) to a New Drug Application filing and subsequent commercialization in the near term, and also facilitate sales of ketamine through high-quality 503 a and 503b licensed pharmacies beginning in 2Q24. HOPE will additionally focus on digital therapeutics and other technologies to extend the pharmacologic effect of ketamine. Together, these efforts are intended to create a revenue-generating Specialty Pharmaceutical company in 2024.
Developing Therapeutics for the Treatment of CNS Disorders, Specifically Suicidal Bipolar Depression, Chronic Pain, and PTSD.
MOU Signed with Conversio Health with Immediate Plans to Ship IV Ketamine Product to Full Range of Customers via 503a and 503b Pharmacies.
Reached Last Patient, Last Visit in Phase 2b/3 Trial of NRX-101 for Suicidal Treatment Resistant Bipolar Depression.
Study Maintained 95% Concordance Rate Between Study Sites and Central Raters on Primary Endpoint. No Unexpected Serious Adverse Events Reported.
Positive Sata and FDA Comment Triggers next $5 Million Payment from Partners Alvogen and Lotus and their Assumption of Development Costs with up to $330 Million in Milestone Payments and a Royalty on Net Sales in the Mid-Teens.
Launch of HOPE Therapeutics, Inc. at the BIO CEO & Investor Conference 2024, Plus Planned Share Dividend to Existing NRXP Shareholders.
Completed Initial Manufacture of IV Infusion and Plans to File FDA New Drug Application for Acute Suicidality Upon Demonstration of 2-ear Shelf Stability.
Received $5 Million Milestone Payment from Partners Alvogen, Inc. and Lotus Pharmaceutical Co. Ltd. (1975.TW)
NRXP Eligible for Additional $324 Million in Development & Sales Milestones, Plus Double-Digit Royalties Upon Approval and Commercialization of NRX-101.
Completing Enrollment for Phase 2b/3 Trial in Suicidal Treatment-Resistant Bipolar Depression in Cooperation with Lotus Pharmaceutical.
Incorporation of HOPE Therapeutics Dedicated to NRX-100 (IV Ketamine) for Suicidal Depression to Patients.
HOPE Therapeutics to be Initially Owned by NXRP and current NXRP Shareholders via a Planned Tax-Free Dividend.
About NRXP:
NRx Pharmaceuticals, Inc. (Nasdaq: NRXP) is a clinical-stage biopharmaceutical company developing therapeutics based on its NMDA platform for the treatment of central nervous system disorders, specifically suicidal bipolar depression, chronic pain, and PTSD. NRXP is developing NRX-101, an FDA-designated investigational Breakthrough Therapy for suicidal treatment-resistant bipolar depression and chronic pain. NRXP has partnered with Alvogen Pharmaceuticals around the development and marketing of NRX-101 for the treatment of suicidal bipolar depression. NRX-101 additionally has the potential to act as a non-opioid treatment for chronic pain, as well as a treatment for complicated UTI.
NRXP has recently announced plans to submit a New Drug Application for NRX-100 (IV ketamine) in the treatment of suicidal depression, based on results of well-controlled clinical trials conducted under the auspices of the US National Institutes of Health and newly obtained data from French health authorities, licensed under a data sharing agreement. NRXP was awarded Fast Track Designation for the development of ketamine (NRX-100) by the US FDA as part of a protocol to treat patients with acute suicidality.
Memorandum of Understanding and Collaborations with Distribution Partners for HTX-100 (IV Ketamine)
On March 11th NRXP announced completion of a Memorandum of Understanding with Conversio Health, a national 503a pharmacy, and a strong, ongoing partnership with Nephron Pharmaceuticals, a manufacturer of Ketamine and 503b pharmacy to provide IV Ketamine to patients and clinics across the country, subject to board approval. These are important steps to providing a full suite of ketamine options for customers across the country, and preparation for potential approval of HTX-100 by regulatory authorities worldwide.
NRXP has further entered into a business relationship with an organization that currently serves the business needs of more than 100 ketamine clinics nationwide. NRXP has been given a target delivery date prior to the end of March 2024 for initial stock of ketamine for sale to licensed end users. Sales are planned to commence once technical and logistical elements are finalized. Details for ordering will be available on our website as soon as they are available. www.hopetherapeutics.com
In contrast to NRXP, which is structured as a Biotechnology research and development company, HOPE Therapeutics is structured as a Specialty Pharmaceutical company that aims to supply a variety of therapeutic products to clinics that are treating suicidal depression and PTSD, including both traditional and digital therapeutics.
NRXP Announces Last Patient, Last Visit in its Phase 2b/3 Trial of NRX-101 in Suicidal Treatment-Resistant Bipolar Depression
On March 4th NRXP announced that the 74th and last evaluable patient has completed their day 42 visit in its Phase 2b/3 study of NRX-101, the Company's patented combination of the NMDA antagonist D-cycloserine and lurasidone, in Suicidal Treatment Resistant Bipolar Depression. The NRXP database is being cleaned, finalized, and locked; statistical analysis will then be performed, with top-line data to follow shortly thereafter. As previously disclosed, positive data from this trial triggers a milestone payment from Alvogen to NRXP. Alvogen will then be responsible for further development and commercialization costs for this program.
The NRXP NRX-101 treatment has been awarded a Breakthrough Therapy Designation, Fast Track Designation, a Biomarker Letter of Support, and a Special Protocol Agreement by the FDA for the treatment of suicidal bipolar depression. It is the only oral medication to have demonstrated reduced suicidal ideation in patients with bipolar depression, a lethal disease that claims the lives of one in five who live with it.
The Phase 2b/3 NRXP trial (www.clinicaltrials.gov NCT 03395392) is a randomized, prospective, multicenter, double-blind study comparing NRX-101 to lurasidone over six weeks. The Principal Investigator is Prof. Andrew Nierenberg of Harvard Massachusetts General Hospital. The primary efficacy endpoint is reduction in depression as measured on the MADRS scale and the secondary endpoint is reduction of suicidal ideation as measured by the Clinical Global Impression Suicidality Scale (CGI-SS). As previously disclosed, treatment compliance and concordance of local raters to central raters scores was in excess of 94%, well above the industry standard that is normally seen in CNS trials.
$5 Million Milestone Payment from Partners Alvogen, Inc. and Lotus Pharmaceutical Co. Ltd. (1975.TW)
On February 12th NRXP announced the advance of the first $5 million milestone payment based on the Company's partnership agreement with Alvogen, Inc. and Lotus Pharmaceutical Co. Ltd. (1975. TW).
NRXP will immediately receive $5 million of the first milestone, which the Company will use to fund the development of NRX-101 through the phase 2 meeting with FDA. As compensation for advancing the milestone, Alvogen and Lotus will receive 4.1 million warrants to purchase NRXP common stock, at a strike price of $0.40 with a three (3) year term. The second portion of the milestone will be $4 million and, as before, be triggered by a positive response to the Company's planned end-of-phase 2 meeting with FDA.
NRXP then remains eligible to receive up to $320 million in future development and sales milestones, as well as royalty payments escalating to mid-teen percentages on Net Sales, subject to achievement of certain sales volumes. Additionally, Alvogen and Lotus will be responsible for future development and commercialization costs for the NRXP NRX-101 in the treatment of bipolar depression with suicidality.
Comments by Strategic Partner Lotus Pharmaceutical Co. Ltd. (1975. TW) in Recent Financial Report
On February 9th NRXP announced that its Asia Pacific strategic partner Lotus Pharmaceutical Co. Ltd (1975. TW) identified enrollment completion of the NRXP clinical trial in bipolar depression as a material event in its February 7 financial filing. Lotus provides the Asia Pacific component of the NRXP global partnership with Alvogen, Inc.
Lotus reported in the accompanying press release that "Lotus Pharmaceutical's strategic partner, NRXP, has achieved a significant milestone by completing enrollment for its phase 2b/3 trial of NRX-101 in suicidal treatment-resistant bipolar depression. The readout for this trial is anticipated in Q2 of this year."
For more information on $NRXP visit: https://www.nrxpharma.com/ and https://axecapitalusa.com/nrxp/
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Media Contact
Company Name: NRx Pharmaceuticals, Inc.
Contact Person: Jonathan Javitt, Founder of $NRXP
Email: Send Email
Phone: 484 254 6134
Address:1201 Orange Street Suite 600
City: Wilmington
State: Delaware 19801
Country: United States
Website: https://www.nrxpharma.com/
