Undisclosed investors are purchasing 7.8 million shares of NRx Pharmaceutical stock, raising $25 million to finance the Radnor company’s development of therapy and a vaccine for COVID-19, writes John George for Philadelphia Business Journal.
The biopharmaceutical company entered into definitive agreements with the investors to purchase NRx common stock at $3.195 per share.
Each share includes an option to buy another share at $3.07 up to six months following the closing of the private placement.
NRx’s stock price opened at $3.21 per share on Feb. 2.
“The proceeds of this investment will be targeted towards continuing to advance our three potentially life-saving therapies,” said Dr. Jonathan C. Javitt, CEO of NRx.
The drug candidates are Zyesami, a possible treatment for COVID-19 lung injury and acute respiratory distress; a next-generation vaccine platform for the Sars-CoV-2 virus and drug treatment for bipolar depression.
It’s hoping to begin mid-stage testing of a potential vaccine in the first quarter of this year.
The exclusive placement agent for the stock offering was H.C. Wainwright & Co.
NRx was created in May 2021 following the merger of Radnor-based NeuroRx and the Big Rock Partners Acquisition Corp in a deal valued at about $500 million.
Read more at Philadelphia Business Journal about the NRx stock sale.
Dr. Jonathan Javitt, CEO of NRx, rings the closing bell at Nasdaq on Aug. 10, 2021.
