NRx Pharmaceuticals, Inc. (Nasdaq: NRXP) Announces Receipt of Positive Nasdaq Listing Determination

Rhea-AI Summary

NRx Pharmaceuticals, Inc. (NRXP) has been granted a transfer of its listing to The Nasdaq Capital Market, subject to the company evidencing compliance with all applicable criteria for continued listing. The company aims to meet the market value of listed securities and the minimum bid price requirements by April 16, 2024. NRx is also working towards filing its first New Drug Application for NRX-100 (ketamine) for the treatment of acute suicidal depression and announcing top line results from its phase 2b/3 trial of NRX-101 (D-cycloserine/lurasidone) in the treatment of suicidal bipolar depression.

Financial Analyst

The transfer of NRx Pharmaceuticals to The Nasdaq Capital Market is a strategic move that can be seen as a positive development for the company. The Capital Market tier is designed for smaller, growth-oriented companies and this transition may provide NRx with a more suitable platform that aligns with its current market capitalization and investor base. The compliance with the $35 million MVLS is a critical financial threshold that reflects the company's market stability and investor confidence. The focus on meeting the $1.00 bid price requirement is also crucial as it affects liquidity and attractiveness to a broader investor audience. Ensuring compliance with Nasdaq's requirements can prevent potential delisting, which could have serious repercussions for the company's ability to raise capital and maintain shareholder value. The company's proactive approach towards meeting these requirements, coupled with the anticipated filing of a New Drug Application and the release of clinical trial results, could potentially create positive sentiment among investors and analysts, impacting the stock's performance in the near term.

Medical Research Analyst

The upcoming milestones for NRx Pharmaceuticals in drug development carry significant weight for the company's future prospects. The filing of a New Drug Application for NRX-100 (ketamine) for the treatment of acute suicidal depression represents a critical juncture in the drug's path to potential commercialization. If approved, NRX-100 could address a substantial unmet need in mental health care, providing a new treatment option for patients with suicidal depression, a condition that is often difficult to treat. Furthermore, the top-line results from the phase 2b/3 trial of NRX-101 (D-cycloserine/lurasidone) for suicidal bipolar depression are highly anticipated. Positive results could not only enhance the company’s pipeline credibility but also attract partnership opportunities, increase the potential for future funding and drive investor interest. It is essential to note that the success of these trials could have a profound impact on the company's valuation and its ability to meet long-term financial and operational goals.

Market Research Analyst

NRx Pharmaceuticals' focus on developing therapies for conditions such as suicidal depression, chronic pain and PTSD represents a targeted approach in the biopharmaceutical industry where there is a high demand for innovative treatments. The market for mental health medications is substantial and growing, partly due to increased awareness and diagnosis rates. NRx's progress in clinical trials and regulatory milestones could position the company advantageously within this sector. Investors often monitor such developments closely as they can lead to shifts in market dynamics and competitive positioning. The anticipation of NRx's clinical and regulatory updates prior to the Nasdaq compliance date suggests a strategic timing that could influence investor perception and stock volatility. The company's ability to maintain listing standards and progress in drug development may serve as key indicators of its potential for growth and sustainability in a competitive market.

RADNOR, Pa., Jan. 17, 2024 /PRNewswire/ -- NRx Pharmaceuticals, Inc. (Nasdaq: NRXP) ("NRx" or the "Company"), a clinical-stage biopharmaceutical company developing therapies for suicidal depression, chronic pain, and PTSD, today announced that on January 16, 2024, the Company was notified by The Nasdaq Stock Market LLC ("Nasdaq") that the Nasdaq Hearings Panel (the "Panel") granted the Company's request for the transfer of its listing to The Nasdaq Capital Market, subject to the Company evidencing compliance with all applicable criteria for continued listing on the Capital Market tier, including the $35 million in market value of listed securities (MVLS) and the $1.00 bid price requirements. The Company believes it has already satisfied the market value of listed securities requirement and is working to evidence compliance with the minimum bid price requirement by April 16, 2024, as required by the Panel's decision. An issuer must evidence compliance with the minimum threshold for at least ten consecutive business days to be deemed by Nasdaq to have complied with the applicable requirement.

"NRx is pleased to share this encouraging news with our shareholders as we continue to meet our drug development milestones as set outlined in our recent communications (NRx Corporate Presentation). This quarter we aim to file our first New Drug Application for NRX-100 (ketamine) for treatment of acute suicidal depression and look forward to announcing top line results from our phase 2b/3 trial of NRX-101 (D-cycloserine/lurasidone) in the treatment of suicidal bipolar depression. These milestones, together with additional updates, are anticipated in advance of the Nasdaq compliance date," said Stephen Willard, JD, CEO of NRx.

About NRx Pharmaceuticals
NRx Pharmaceuticals is a clinical-stage biopharmaceutical company developing therapeutics based on its NMDA platform for the treatment of central nervous system disorders, specifically suicidal bipolar depression, chronic pain and PTSD. The Company is developing NRX-101, an FDA-designated investigational Breakthrough Therapy for suicidal treatment-resistant bipolar depression and chronic pain. NRx has partnered with Alvogen Pharmaceuticals around the development and marketing of NRX-101 for the treatment of suicidal bipolar depression. NRX-101 additionally has potential to act as a non-opioid treatment for chronic pain, as well as a treatment for complicated UTI.

NRx has recently announced plans to submit a New Drug Application for ketamine in the treatment of suicidal depression, based on results of well-controlled clinical trials conducted under the auspices of the US National Institutes of Health and newly obtained data from French health authorities, licensed under a data sharing agreement. NRx was awarded Fast Track Designation for development of ketamine (NRX-100) by the US FDA as part of a protocol to treat patients with acute suicidality.

Cautionary Note Regarding Forward-Looking Statements

This announcement of NRx Pharmaceuticals, Inc. includes "forward-looking statements" within the meaning of the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995, which may include, but are not limited to, statements regarding our financial outlook, product development, business prospects, and market and industry trends and conditions, as well as the Company's strategies, plans, objectives, and goals. These forward-looking statements are based on current beliefs, expectations, estimates, forecasts, and projections of, as well as assumptions made by, and information currently available to, the Company's management. 

The Company assumes no obligation to revise any forward-looking statement, whether as a result of new information, future events or otherwise. Accordingly, you should not place reliance on any forward-looking statement, and all forward-looking statements are herein qualified by reference to the cautionary statements set forth above.

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SOURCE NRx Pharmaceuticals

FAQ

What is the recent development announced by NRx Pharmaceuticals, Inc. (NRXP)?

NRx Pharmaceuticals, Inc. (NRXP) has been granted a transfer of its listing to The Nasdaq Capital Market, subject to the company evidencing compliance with all applicable criteria for continued listing.

What are the milestones that NRx Pharmaceuticals, Inc. (NRXP) aims to achieve in the near future?

NRx Pharmaceuticals, Inc. (NRXP) aims to meet the market value of listed securities and the minimum bid price requirements by April 16, 2024. The company also plans to file its first New Drug Application for NRX-100 (ketamine) for the treatment of acute suicidal depression and announce top line results from its phase 2b/3 trial of NRX-101 (D-cycloserine/lurasidone) in the treatment of suicidal bipolar depression.

Who is the CEO of NRx Pharmaceuticals, Inc. (NRXP)?

Stephen Willard, JD, is the CEO of NRx Pharmaceuticals, Inc. (NRXP).