RADNOR, PA — NRx Pharmaceuticals, Inc., a biopharmaceutical company listed on Nasdaq, has announced that it has been granted permission by The Nasdaq Hearings Panel to transfer its listing to The Nasdaq Capital Market. This move is subject to the company demonstrating compliance with all criteria for continued listing on the Capital Market tier, including the $35 million market value of listed securities (MVLS) requirement and the $1.00 minimum bid price.
The company confirmed that it believes it has already met the MVLS requirement and is working towards evidencing compliance with the minimum bid price requirement by April 16, 2024. To comply with this requirement, an issuer must maintain the minimum threshold for at least ten consecutive business days.
This development comes as NRx Pharmaceuticals continues to progress with its drug development milestones. The company intends to file its first New Drug Application this quarter for NRX-100 (ketamine) for the treatment of acute suicidal depression. It also anticipates announcing top-line results from its phase 2b/3 trial of NRX-101 (D-cycloserine/lurasidone) for the treatment of suicidal bipolar depression.
“NRx is pleased to share this encouraging news with our shareholders as we continue to meet our drug development milestones,” said Stephen Willard, JD, CEO of NRx. He added that these milestones, along with additional updates, are expected before the Nasdaq compliance date.
For investors, this announcement signifies NRx’s commitment to maintaining its listing status while progressing with its critical drug development projects. The transfer to The Nasdaq Capital Market may offer increased visibility and liquidity for the company’s shares, potentially attracting a broader investor base. In the context of NRx’s ongoing clinical trials and upcoming drug applications, this could be an opportune time for investors to consider the potential growth prospects of this evolving biopharmaceutical company.
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