HOPE Therapeutics, Inc. and NRx Pharmaceuticals, Inc. (Nasdaq:NRXP) Announce Potential Acquisition and Financing Agreements for $30 Million in Currently-Operating Interventional Psychiatry Clinics
$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.
(PRNewsfoto/NRx Pharmaceuticals)
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.
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HOPE Therapeutics, Inc. (PRNewsfoto/NRx Pharmaceuticals, Inc.) Cision