NRx Pharmaceuticals (NRXP), a clinical-stage biopharmaceutical company, on Tuesday announced a proposed underwritten public offering.
Following the announcement, shares dipped by 22% in the overnight trade on Wednesday.
The company intends to offer shares of common stock at a par value of $0.001 per share.
Underwriters will be granted a 30-day option to purchase an additional 15% of shares of common stock sold in the public offering.
Net proceeds from the offering are expected to be used as working capital and for general corporate purposes.
NRx is currently developing NRX-100, a preservative-free intravenous ketamine candidate that received Fast Track designation from the FDA for the treatment of suicidal ideation in depression and bipolar depression. An abbreviated new drug application (ANDA) for NRX-100 in treating suicidal ideation was filed by the company. NRX-101, an oral D-cycloserine/lurasidone formulation, was granted Breakthrough therapy designation for the treatment of suicidal bipolar depression.
NRXP closed Tuesday at $4.62. In the overnight market, shares are trading at $3.58, down 22.51%.
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