- Petition for a temporary restraining order brought
by Streeterville Capital, LLC seeking injunctive relief to
prevent spinoff of 49% of HOPE Therapeutics shares to current NRx
Shareholders has been denied by Utah arbitrator.
- Petition by Streeterville Capital, LLC seeking injunctive
relief to prevent sales of NRx shares has been denied by
Utah arbitrator.
- NRx to proceed with spinoff of HOPE Therapeutics as previously
announced.
RADNOR,
Pa., July 29, 2024 /PRNewswire/ -- NRx
Pharmaceuticals, Inc. (Nasdaq: NRXP) ("NRx Pharmaceuticals", the
"Company"), a clinical stage pharmaceutical company, today
announced the issuance of an order by a Utah arbitrator denying the petition of
Streeterville Capital, LLC to enjoin NRx's planned spinoff of 49%
of the shares in HOPE Therapeutics to current shareholders of NRx
pharmaceuticals. While the proposed spinoff remains subject to
compliance with certain disclosure and other requirements under the
Securities Act of 1933, as amended, and the Securities Exchange Act
of 1934, as amended, the spinoff is intended to provide NRx
shareholders with an opportunity to participate in the anticipated
value created as a result of the spinoff and to enable a potential
listing of HOPE Therapeutics (currently a wholly-owned subsidiary
of NRx) on a national securities exchange. The arbitrator also
denied Streeterville's petition to enjoin NRx from selling
additional shares of NRx stock to finance ongoing operations.
"As we have previously shared with the public,
HOPE Therapeutics is in the process of developing a best-in-class
network of clinics that currently offer ketamine and other
lifesaving therapies to patients with suicidal depression. This
arbitration decision enables us to keep our promise to shareholders
to spin out 49% of HOPE Therapeutics shares held by NRx to our
shareholders, subject to approval by our Board of Directors and
compliance with applicable law. We appreciate the support and
loyalty of our shareholders as we work to bring HOPE to life," said
Prof. Jonathan Javitt, Founder and
Chairman of NRx Pharmaceuticals and Co-CEO of HOPE
Therapeutics.
About NRx Pharmaceuticals
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 has
partnered with Alvogen and Lotus around the development and
marketing of NRX-101 for the treatment of suicidal bipolar
depression. 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.
About HOPE Therapeutics, Inc.
HOPE Therapeutics, Inc.
(www.hopetherapeutics.com) is a care delivery company developing a
best-in-class network of clinics that currently offer ketamine
and other lifesaving therapies to patients with suicidal
depression, together with a digital therapeutic-enabled platform
designed to augment and preserve the clinical benefit of
NMDA-targeted drug therapy.
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.
View original content to download
multimedia:https://www.prnewswire.com/news-releases/hope-therapeutics-inc-and-nrx-pharmaceuticals-nasdaqnrxp-announce-arbitration-order-enabling-hope-therapeutics-spinoff-302208316.html
SOURCE NRx Pharmaceuticals, Inc.