HOPE Therapeutics, Inc. and NRx Pharmaceuticals, Inc. (NRXP), Monday announced the signing of a Binding Term Sheet of $27 million with Smith & Sauer, LLC.
Of the total amount, $25 million will be used for Series A Preferred Stock purchase in HOPE to fund its planned clinic acquisitions, and the remaining will be used to advance NRx's new drug applications for NRX-100 and NRX-101. Investor will also purchase 500,000 NRx shares from existing shareholders for $2.75 per share
Under the agreement, Smith & Sauer will receive warrants to purchase 3 million unregistered shares of NRx common stock at $3 per share with a 24-month term. It will also receive royalties on net revenues from NRx product sales to a defined rate of return.
The collaboration is intended to bring innovative and accessible solutions to address mental health issues, Anita Nunes, Co-Founder of Smith & Sauer, stated.
Currently, NRx's stock is trading at $2.90, up 8.09 percent on the Nasdaq.
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