RADNOR, Pa. - NRx Pharmaceuticals, Inc. (NASDAQ: NRXP), a clinical-stage biopharmaceutical company, has announced a series of measures aimed at safeguarding shareholder value and ensuring compliance with Nasdaq listing regulations. The company is considering a reverse stock split and plans to change its corporate name to NRx Therapeutics, Inc., along with a new CUSIP number for its securities.
The proposed actions are part of an initiative to address naked short selling in the company's stock. Naked short selling is the practice of short-selling shares without first borrowing the underlying security, a violation of securities regulations. NRx has engaged former SEC enforcement attorneys to communicate with leading brokerages, underscoring the legal prohibitions against such practices.
Janet Rehnquist, Esq., chair of the company's Compliance Committee, stated, "We believe it is in the best interests of our shareholders to have fully-compliant trading in the markets." She emphasized the company's commitment to developing drugs to address critical medical needs such as suicidal depression, PTSD, and chronic pain.
NRx Pharmaceuticals is focused on developing treatments based on its NMDA platform for central nervous system disorders. It is working on NRX-101, designated as a Breakthrough Therapy by the FDA for treatment-resistant bipolar depression and chronic pain. The company has partnerships for the development and marketing of this drug and is also advancing HTX-100 (IV ketamine) for suicidal depression treatment.
The company's plans to submit a New Drug Application for HTX-100 are backed by clinical trial results and data from French health authorities. The FDA has granted Fast Track Designation for the development of ketamine (NRX-100) for patients with acute suicidality.
These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those anticipated. This announcement is based on a press release statement from NRx Pharmaceuticals.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.