- $30 million Term Sheet from
qualified lender for non-dilutive financing for first clinic
acquisitions; anticipated closing within 60 days
- Executed Non-Binding Term Sheet with initial clinic partners
generating annual revenue of over $10
million, with additional partners to be selected under this
initial funding agreement
- Company projects annualized revenues of $100 million through continued acquisition by mid
2025
- Additional information to be presented at upcoming HC
Wainwright Annual Global Investment Conference in New York, September
9-11, 2024
MIAMI, Aug. 26,
2024 /PRNewswire/ -- HOPE Therapeutics, Inc., a
wholly-owned subsidiary of NRx Pharmaceuticals, Inc. (Nasdaq: NRXP)
("HOPE," the "Company"), a medical and technology driven company,
today announced signing a non-binding Term Sheet for non-dilutive,
nonconvertible debt acquisition funding of its first interventional
psychiatry clinics (ketamine clinic acquisitions), together with
the signing of a Term Sheet for five currently operational clinics
in the Western United States. In
addition to the currently-signed non-binding Term Sheet, the
Company has been offered non-binding lending commitments it
believes are sufficient to assemble/acquire a network of
operational clinics with revenues in excess of $100 million. The Company anticipates potential
operations in the United States,
France, and the United
Kingdom.
The non-dilutive acquisition funding announced today is in
addition to the over $60 million in
potential equity funding previously offered upon public listing of
HOPE Therapeutics shares on a public exchange.
Ketamine is increasingly used to treat suicidal depression,
treatment resistant depression (TRD) and Post Traumatic Stress
Disorder (PTSD). Until now there has been no unified entity
organized around delivering consistent outpatient care for suicidal
depression, TRD and PTSD that combines pharmaceutical therapy, FDA
approved and proven medical technologies such as Transcranial
Magnetic Stimulation (TMS), digital therapeutics and access to
clinical trial protocols for the newest potential treatments,
delivered by properly licensed medical professionals to optimize
care of people with these conditions. Collectively, these
conditions represent a crisis that results in the death of someone
around the globe every minute. HOPE aims to bring a unified,
patient-centric and science-based approach to the care of patients
and their families.
"HOPE is dedicated to providing an accessible platform to help
caregivers address the critical needs of those suffering from
suicidal thoughts, TRD, PTSD and related challenges. We are
delighted to take the critical first steps towards developing a
network of clinics that can provide the highest possible level of
care and demonstrate best-practices for mental health professionals
around the world," said Jonathan
Javitt and Matthew Duffy,
Co-CEOs of HOPE Therapeutics. "These clinics, and others under
review, are planned to provide the foundation for a network
generating revenue of approximately $100
million annually in the coming year."
About HOPE Therapeutics, Inc.
HOPE Therapeutics, Inc. (www.hopetherapeutics.com) is a
healthcare delivery company developing a best-in-class network of
clinics that currently offer ketamine and other lifesaving
therapies to patients with suicidal depression and related
disorders, together with a digital therapeutic-enabled platform
designed to augment and preserve the clinical benefit of
NMDA-targeted drug therapy.
About NRx Pharmaceuticals, Inc.
NRx Pharmaceuticals 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. The Company is developing NRX-101, an
FDA-designated investigational Breakthrough Therapy for suicidal
treatment-resistant bipolar depression and chronic pain. NRx plans
to file an NDA for Accelerated Approval for NRX-101 in patients
with bipolar depression and suicidality or akathisia. NRX-101
additionally has potential to act as a non-opioid treatment for
chronic pain, as well as a treatment for complicated UTI.
NRx has recently announced plans to submit a New Drug
Application for NRX-100 (IV ketamine) for 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. NRx was awarded Fast Track
Designation for development of ketamine (NRX-100) by the US FDA as
part of a protocol to treat patients with acute suicidality.
Notice Regarding Forward-Looking Statements
The
information contained herein includes forward-looking statements
within the meaning of Section 21E of the Securities Exchange Act of
1934, as amended, and Section 27A of the Securities Act of 1933, as
amended. These statements include, among others, statements
regarding the proposed public offering and the timing and the use
of the proceeds from the offering. Forward-looking statements
generally include statements that are predictive in nature and
depend upon or refer to future events or conditions, and include
words such as "may," "will," "should," "would," "expect," "plan,"
"believe," "intend," "look forward," and other similar expressions
among others. These statements relate to future events or to the
Company's future financial performance, and involve known and
unknown risks, uncertainties and other factors that may cause the
Company's actual results to be materially different from any future
results, levels of activity, performance or achievements expressed
or implied by these forward-looking statements. You should not
place undue reliance on forward-looking statements since they
involve known and unknown risks, uncertainties and other factors
which are, in some cases, beyond the Company's control and which
could, and likely will, materially affect actual results, levels of
activity, performance or achievements. Any forward-looking
statement reflects the Company's current views with respect to
future events and is subject to these and other risks,
uncertainties and assumptions relating to the Company's operations,
results of operations, growth strategy and liquidity. More detailed
information about the Company and the risk factors that may affect
the realization of forward-looking statements is set forth in the
Company's most recent Annual Report on Form 10-K and other filings
with the Securities and Exchange Commission. Investors and security
holders are urged to read these documents free of charge on the
SEC's website at http://www.sec.gov. Except as may be required
by applicable law, The Company assumes no obligation to publicly
update or revise these forward-looking statements for any reason,
or to update the reasons actual results could differ materially
from those anticipated in these forward-looking statements, whether
as a result of new information, future events or otherwise.
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SOURCE NRx Pharmaceuticals, Inc.