NRx Pharmaceuticals announces $3.5M registered direct offering

NRx Pharmaceuticals (NRXP) announced that it has entered into a binding agreement for a registered direct offering of its common stock with expected gross proceeds of $3.5M with certain institutional investors. The company also intends to issue certain senior secured convertible promissory notes with expected gross proceeds of $5.4M to the same institutional investors pursuant to that certain securities purchase agreement dated August 12, 2024. The company intends to use the net proceeds from the Financing and the Note Issuances to support, among other things, the New Drug Application filing of its two lead products, NRX-100 and NRX-101, the launch of HOPE Therapeutics, and the potential addition of new products to its pipeline. The Financing and Note Issuances together are expected to fund current operations into 2026 and, in concert with projected product sales and potential non-dilutive funding, the company believes NRx will reach profitability. In connection with the Financing, the company will issue to the investors approximately 1.2M shares of common stock at $2.88 per share and an equal number of common stock purchase warrants with an exercise of $2.88 per share