NRx Pharmaceuticals announces incorporation of Hope Therapeutics

NRx Pharmaceuticals announced the incorporation of Hope Therapeutics, a biotechnology company dedicated to bringing NRX-100, or IV Ketamine, which will be re-designated HTX-100, a potentially lifesaving treatment option for patients with Suicidal Depression. The company 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 HTX-100, subject to board approval. This is designed with counsel to not be a taxable event for shareholders. Hope is dedicated to providing an FDA-approved presentation of IV Ketamine, manufactured to current federal standards, in a diversion- and abuse-deterrent presentation. A new drug application, or NDA, is planned for the first half of 2024, based on more than 1,000 patients treated in well-controlled trials of ketamine in Suicidal Depression together with HOPE’s expertise in sterile products formulation. Importantly, the company intends to provide patient and reimbursement support for all of its patients and their clinics. NRx also expects to convene a shareholder meeting in the coming weeks to vote on the planned structure of the spin-out of Hope Therapeutics and the stock dividend. The company further announces cancellation of the previously announced February 7 shareholder meeting to approve the option of a reverse stock split to maintain Nasdaq compliance; this will be rescheduled, if necessary.