On Monday, May 31st, NeuroRX a company that develops drugs for COVID-19 respiratory failure and suicidal bipolar depression announced that it has completed it’s merger with Black Rock Acquisition Corp (BRPA).
The deal reflects a valuation of $1.5 billion and adds total cash of $140 million to the balance sheet. NeuroRX trades on Nasdaq as NrX Pharmaceuticals (NRXP).
The shareholders of NeuroRX will hold 93% of the merged company while the CEO Dr, Johnathan Javitt and his brother Prof. Daniel Javitt both holds 50% which their stake will be worth $700 million. The company will not issue new shares nor sell shares.
Relief Therapeutics (RLFTF) co-develops Zyesami with NeuroRX Pharmaceuticals
NeuroRX developed two treatments. One called Zyesami which is designed to treat respiratory failure in critically ill COVID-19 patients. Zyesami is currently in Phase 3 clinical trials, which the company is planning to submit an FDA emergency approval in late June, early July. Relief Therapeutics, which partnered with NeuroRX in developing Zyesami trades on the US OTC market with ticker RLFTF and Swiss market as ticker RLF.SW with a market cap of around $700 Million.
Zyesami successfully reduces the number of days spent in the hospital for critically ill COVID-19 patients and is now conducting clinical trials on less critically ill patients.
NeuroRX’s second treatment
The second treatment is a treatment for suicidal bipolar depression which the FDA calls it a breakthrough treatment. It’s expected to follow sort-track approval process. The drug successfully passed Phase 2 trials which showed patients remaining in remission from depression for longer after using ketamine compared to the control group.
