NeuroRx announced today that it commenced trading on the Nasdaq market following its merger with Big Rock Partners Acquisition Corp.
The combined business entity will be known as NRx Pharmaceuticals and will trade on the Nasdaq market under the NRXP ticker, according to a news release.
Radnor, Pa.-based NRx develops Zyesami, a synthetic form of a naturally occurring peptide — vasoactive intestinal peptide (VIP) — found in the lung and known to protect the Alveolar Type II cell targeted by SARS-CoV-2, the virus causing COVID-19. The company entered a feasibility agreement with TFF Pharmaceuticals to formulate Zyesami into a dry powder to treat COVID-19 in March. The company said it plans to seek FDA emergency use authorization for Zyesami this month.
Along with Zyesami, NRx plans to use the capital collected from going public to develop its NRX-101 drug therapy combination of D-cycloserine and lurasidone for bipolar depression. Both therapeutics in development are in FDA-approved Phase 3 clinical trials right now.
NRx committed more than $120 million in operating capital from cash on hand, private investment in public equity (PIPE), warrants exercised by the global emerging markets (GEM) global yield fund and a share subscription facility provided by GEM.
Dr. Jonathan Javitt will take the reins of NRx as CEO and chairman of the board, while directors on the board include former U.S. Dept. of Health and Human Services assistant secretary Dr. Sherry Glied, former Teva Pharmaceuticals president and director Chairm Hurvitz and former chief counsel to the FDA Daniel Troy.
“Today marks a major milestone as we include public investors in our quest to bring innovative medicines to patients at immediate risk of death, who have no currently-approved medicinal therapies. We live by our credo of “Bringing Hope to Life,” said Javitt said in the release. “We are indebted to the leaders and shareholders of BRPA who have chosen to support our mission.”