RADNOR, Pa. - NRx Pharmaceuticals, Inc. (NASDAQ: NRXP), a clinical-stage biopharmaceutical company, has priced its underwritten public offering of common stock at $3.30 per share. The company aims to raise approximately $2.0 million in gross proceeds before underwriting discounts and offering expenses are deducted. The offering is scheduled to close tomorrow, subject to customary closing conditions.
EF Hutton LLC is serving as the sole book-runner for the offering. In addition to the shares offered, NRx Pharmaceuticals has provided the underwriters a 45-day option to buy up to an additional 91,050 shares to cover any over-allotments.
The proceeds from the offering are intended for working capital and general corporate purposes, which include initiating a national treatment protocol and safety database. The company may also allocate funds to repay certain outstanding debts.
NRx Pharmaceuticals focuses on developing therapeutics for central nervous system disorders, including suicidal bipolar depression, chronic pain, and PTSD. The company is advancing NRX-101, designated as an investigational Breakthrough Therapy by the FDA for treatment-resistant bipolar depression and chronic pain. NRx is also working on submitting a New Drug Application for HTX-100 (IV ketamine) for the treatment of suicidal depression.
The information in this article is based on a press release statement from NRx Pharmaceuticals, Inc.
InvestingPro Insights
As NRx Pharmaceuticals, Inc. (NRXP) navigates through its public offering, the company's financial health and market performance are critical for potential investors. According to InvestingPro data, NRXP has a market capitalization of $39.72 million, reflecting the market's current valuation of the company. However, the company's P/E ratio stands at -1.06, indicating that investors are not expecting immediate profitability. This aligns with an InvestingPro Tip highlighting that analysts do not anticipate NRXP to be profitable this year.
Moreover, the company's recent stock performance has shown significant volatility. The 1-week price total return shows a sharp decline of -24.0%, which is consistent with another InvestingPro Tip that points out the stock has taken a big hit over the last week. Yet, it's worth noting that despite recent downturns, the stock has experienced a large price uptick of 46.67% over the last six months, suggesting some investor optimism in the medium term.
With a focus on developing treatments for central nervous system disorders, NRXP's progress in drug development could be a pivotal factor in its financial turnaround. For those interested in deeper analysis, there are additional InvestingPro Tips available, which can provide further insights into NRXP's financials and forecast. To access these tips and more detailed data, visit https://www.investing.com/pro/NRXP and consider using coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
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