NRx Pharmaceuticals, Inc. (NASDAQ:NRXP), a Delaware-based pharmaceutical company with a market capitalization of $61.63 million, announced the immediate resignation of Janet Rehnquist from its Board of Directors on January 7, 2025.
According to the company's recent SEC filing, the departure was not due to any disagreements with the company's operations, policies, or practices. The company's stock has shown remarkable momentum, gaining nearly 98% over the past six months, according to InvestingPro data.
The resignation occurred in connection with a term sheet executed with JGS Holdings LLC, which is controlled by Dallas Sauer & Anita Nunes (Sauer Nunes). As part of the agreement, Sauer Nunes has the right to designate a member to NRx's Board of Directors. The company's management is currently in the process of considering nominees from Sauer Nunes for the appointment to the board.
NRx Pharmaceuticals, previously known as Big Rock Partners Acquisition Corp., specializes in pharmaceutical preparations. The company is headquartered in Wilmington, Delaware, and is listed on The Nasdaq Stock Market LLC under the ticker symbols NRXP for its common stock and NRXPW for its warrants.
InvestingPro analysis reveals that while analysts have set ambitious price targets ranging from $19 to $45, the company faces financial health challenges with a current ratio of 0.2. Subscribers can access 12 additional exclusive ProTips and comprehensive financial metrics for NRXP.
In other recent news, NRx Pharmaceuticals has initiated the process for FDA approval of its drug candidate, NRX-100, for the treatment of suicidal depression. The New Drug Application (NDA) is expected to be completed in the first quarter of 2025, with clinical data from trials funded by the National Institutes of Health and European Government.
The company is also expanding the indication of NRX-100 to include suicidal ideation in Major Depressive Disorder and other forms of depression.
Additionally, NRx Pharmaceuticals reported a 74% reduction in net operating losses in its third-quarter 2024 report and successfully closed a $10.8 million funding round. H.C. Wainwright has reaffirmed its Buy rating on the company with a steady price target of $19.00. The company also announced plans to submit New Drug Applications for depression treatments NRX-100 and NRX-101 by the end of 2024.
The establishment of Hope Therapeutics, a wholly-owned subsidiary of NRx, aims to create a network of precision psychiatry clinics administering NRX-100. This development is anticipated to generate significant revenue by the end of 2025.
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