NRx Pharmaceuticals, Inc. (NRXP) Monday announced incorporation of HOPE Therapeutics, a biotechnology company developing NRX-100 to treat patients with suicidal depression.
HOPE Therapeutics will initially be owned by NRx and its current shareholders, who will receive their shares in the form of a dividend with an accompanying royalty coupon tied to future sales of NRX-100, which will be re-designated HTX-100.
"Incorporating HOPE Therapeutics is another important step in building value for NRx shareholders. As previously disclosed, this initiative allows HTX-100 to be valued on its own merits and to focus on commercialization together with the future addition of digital therapeutics, a series of activities quite different from the drug development activities of NRx. As such, HOPE offers shareholders a very different investment profile, one that has already attracted a $30 million investment commitment upon HOPE's planned public listing," said Jonathan Javitt, Founder, Chairman and Chief Scientist of NRx Pharmaceuticals.
NRx plans to submit a new drug application for NRX-100 in the first half of this year.
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