RADNOR, Pa. - NRx Pharmaceuticals, Inc. (NASDAQ:NRXP), a clinical-stage biopharmaceutical company, has been cleared by the Nasdaq Panel to maintain the listing of its securities on the Nasdaq Stock Market. The decision comes after the company demonstrated compliance with the Nasdaq bid price requirement, effectively concluding the matter.
The company is now focusing on achieving several key milestones, which include releasing top-line data from clinical trials for Treatment Resistant Suicidal Bipolar Depression and Chronic Pain. Moreover, NRx Pharmaceuticals plans to file a New Drug Application (NDA) for intravenous Ketamine to treat Suicidal Depression and distribute shares of its subsidiary, HOPE Therapeutics, to current shareholders.
Dr. Jonathan Javitt, Founder, Chairman, and Chief Scientist of NRx Pharmaceuticals, expressed gratitude towards investors for their support during the Nasdaq listing review process. He emphasized that the upcoming milestones have the potential to significantly enhance shareholder value.
Recent unexpected progress in the development of new ketamine formulations and the potential application of NRX-101 for treating complicated Urinary Tract Infections and pyelonephritis could also contribute to the company's growth.
NRx Pharmaceuticals is known for its NMDA platform that targets central nervous system disorders, which includes the development of NRX-101, currently an investigational therapy for suicidal bipolar depression and chronic pain.
The company has established partnerships with Alvogen and Lotus for the development and marketing of NRX-101 for the treatment of suicidal bipolar depression. The drug is also being explored as a non-opioid treatment for chronic pain and for complicated UTI.
HOPE Therapeutics, a wholly-owned subsidiary of NRx Pharmaceuticals, is working on the development and marketing of an FDA-approved form of intravenous ketamine for the treatment of acute suicidality and depression, as well as a digital therapeutic-enabled platform to support NMDA-targeted drug therapy.
This article is based on a press release statement and contains forward-looking statements that involve risks and uncertainties. These statements are not guarantees of future performance and actual results may differ materially. Investors are advised to read the company's most recent filings with the SEC for a more detailed understanding of these risks.
InvestingPro Insights
NRx Pharmaceuticals, Inc. (NASDAQ:NRXP) has recently made headlines with its compliance success in maintaining its Nasdaq listing. However, a deeper look into the company's financial health and market performance reveals a challenging landscape.
According to InvestingPro data, NRXP's market capitalization stands at a modest $39.72 million, reflecting the scale of the company within the biopharmaceutical industry. The stock's performance over various periods has been volatile, with a significant 46.67% price uptick in the last six months, yet facing a 24.0% decline over the past week and an overall 33.65% decrease over the past year.
Two critical InvestingPro Tips highlight the company's financial challenges: NRXP is quickly burning through cash and has been suffering from weak gross profit margins. These factors are crucial for investors to consider, especially when paired with the company's inability to generate profitability in the last twelve months and analysts' expectations that the company will not be profitable this year.
Furthermore, the company's short-term obligations currently exceed its liquid assets, which could pose a risk in maintaining operational stability without securing additional funding or revenue streams.
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