- Dura Medical, with initial clinics in Naples and Fort
Myers, to anchor the HOPE network in Florida
- Delivers a full range of precision psychiatry services,
including Ketamine and Transcranial Magnetic Stimulation (TMS), to
veteran and civilian residents of Florida
- Stephen Durand, founder of
Dura, to serve as Director of Clinic Growth for HOPE in
Florida
- Acquisition expected to be immediately accretive to revenue
and EBITDA for NRx
MIAMI, Jan. 6, 2025
/PRNewswire/ -- HOPE Therapeutics, Inc., ("HOPE," the "Company"), a
wholly-owned subsidiary of NRx Pharmaceuticals, Inc. ("NRx")
(Nasdaq: NRXP), today announced the planned acquisition of Dura
Medical (Dura), under a non-binding Letter of Intent. Dura is
expected to be the first Florida
acquisition for HOPE and serve as a cornerstone for the
Southeastern States. Dura is revenue generating and EBITDA
positive with immediate expansion opportunity to Florida's East Coast and beyond.
Dura was founded in 2018 to offer a gold-standard, precision
approach to treating mental health and chronic pain. The clinics
were the first in Florida leverage
the latest interventional psychiatry procedures, including Ketamine
Infusion Therapy, Transcranial Magnetic Stimulation (TMS),
Spravato® and Stellate Ganglion Blocks, augmented by
traditional psychiatry and therapy to provide a full continuum of
care for people with depression, suicidality, PTSD, anxiety, and
related disorders.
As a US Army Veteran, Mr. Durand and Dura Medical are proud to
partner with the Veterans Affairs Community Cares Network (VA CCN)
which ensures that military veterans have full access to treatment
for suicidal depression, PTSD, and Traumatic Incident Reduction
(TIR).
In conjunction with the planned acquisition, Mr. Durand has
agreed to serve as HOPE's Director of Clinical Growth for
Florida, helping drive expansion
throughout the state. He will be joined by David Feifel, MD, PhD (ref) and NRx's Chief
Strategy Officer, CAPT Dennis K.
McBride, PhD (US Navy Ret., SES-4 National Defense University, Ret.) a Clinical
Psychologist who most recently served in the Office of the
Secretary of Defense retiring at a civilian 3 star rank and has led
relevant initiatives within the Defense Advanced Research Projects
Agency (DARPA).
"Dura Medical was founded with the mission to reduce suicide in
our community and aims to treat more than 10,000 people by 2026.
We're excited to accelerate that mission by joining the HOPE
Network and leading HOPE's expansion in Florida and beyond," said Stephen Durand, Founder of Dura Medical.
"We are delighted to welcome Dura to the HOPE family and look
forward to working together to grow both Dura and the HOPE
Florida network together," said
Jonathan Javitt, MD MPH and
Matthew Duffy, Co-CEOs of HOPE
Therapeutics. "In an era where over 13 million Americans
seriously consider suicide every year, and an American dies from
suicide every 11 minutes1, Dura will serve as a leader
in setting the standard of care within our enterprise."
The intended acquisition of Dura is subject to obtaining
necessary financing, the completion of financial audits, execution
of definitive agreements, and the satisfaction of standard closing
conditions.
About HOPE Therapeutics, Inc.
HOPE Therapeutics, Inc. (www.hopetherapeutics.com) is a
development stage healthcare delivery company that intends to
develop a best-in-class network of interventional psychiatry
clinics to offer ketamine transcranial magnetics stimulation (TMS)
and other lifesaving therapies to patients with suicidal depression
and related disorders, together with a digital therapeutic-enabled
platform designed to augment and preserve the clinical benefit of
NMDA-targeted drug therapy.
About NRx Pharmaceuticals, Inc.
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 plans to file an NDA for Accelerated Approval for
NRX-101 in patients with bipolar depression and suicidality or
akathisia. NRX-101 additionally has potential to act as a
non-opioid treatment for chronic pain, as well as a treatment for
complicated UTI.
NRx recently announced initiation of filing a New Drug
Application for NRX-100 (IV ketamine) for 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.
Notice Regarding Forward-Looking Statements
The information contained herein includes forward-looking
statements within the meaning of Section 21E of the Securities
Exchange Act of 1934, as amended, and Section 27A of the Securities
Act of 1933, as amended. These statements include, among others,
statements regarding the satisfaction of closing conditions
necessary to consummate the acquisition of Kadima and Dura, and
obtaining financing necessary to consummate the acquisitions.
Forward-looking statements generally include statements that are
predictive in nature and depend upon or refer to future events or
conditions, and include words such as "may," "will," "should,"
"would," "expect," "plan," "believe," "intend," "look forward," and
other similar expressions among others. These statements relate to
future events or to the Company's future financial performance, and
involve known and unknown risks, uncertainties and other factors
that may cause the Company's actual results to be materially
different from any future results, levels of activity, performance
or achievements expressed or implied by these forward-looking
statements. You should not place undue reliance on forward-looking
statements since they involve known and unknown risks,
uncertainties and other factors which are, in some cases, beyond
the Company's control and which could, and likely will, materially
affect actual results, levels of activity, performance or
achievements. Any forward-looking statement reflects the Company's
current views with respect to future events and is subject to these
and other risks, uncertainties and assumptions relating to the
Company's operations, results of operations, growth strategy,
liquidity, Hope Therapeutic's ability to consummate the
acquisitions of providers for its national network, the Company's
ability to raise adequate capital to fund such acquisitions, and
the Company's ability to spin-off Hope Therapeutics. More
detailed information about the Company and the risk factors that
may affect the realization of forward-looking statements is set
forth in the Company's most recent Annual Report on Form 10-K and
other filings with the Securities and Exchange Commission.
Investors and security holders are urged to read these documents
free of charge on the SEC's website at http://www.sec.gov.
Except as may be required by applicable law, The Company assumes no
obligation to publicly update or revise these forward-looking
statements for any reason, or to update the reasons actual results
could differ materially from those anticipated in these
forward-looking statements, whether as a result of new information,
future events or otherwise.
For further information:
Matthew Duffy
Chief Business Officer, NRx Pharmaceuticals
Co-Chief Executive Officer, HOPE
Therapeutics, Inc.
mduffy@nrxpharma.com
1 https://www.cdc.gov/suicide/facts/data.html
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SOURCE NRx Pharmaceuticals, Inc.