A Radnor pharmaceutical company , NRx, active in COVID-19 research is entering into a multi-million dollar private stock sale, writes John George for Philadelphia Business Journal.

The company has agreements with a group of unidentified investors. They will purchase $30 million of the company’s stock. .

 NRx will sell up to 2.73 million shares of common stock at $11 a share.

The deal includes an option allowing the purchase of an additional share of common stock at $12 apiece for each share purchased. That investment option can be used immediately and is good for three years.

Proceeds from the private placement will support transitioning its COVID-19 therapy Zyesami from “clinical to commercial stage” once all regulatory approvals have been given, according to Dr. Jonathan C. Javitt, CEO of NRx.

Zyesami is under review by the Food and Drug Administration. It has only received regulatory approval in the nation of Georgia.

The money will speed up development of a COVID-19 vaccine NRx is developing with the Israeli Institute for Biological Research.

The money will also go toward new drug candidates targeting the central nervous system and psychiatric disorders. 

The private placement is expected to close today.

Read more at Philadelphia Business Journal about the stock sale at NRx.

This video from Aug. 8 provides background information on NRx and gives an analysis of its stock.