After kicking off a Phase III trial testing its NMDA drug in suicidal bipolar depression, NeuroRx has secured access to around $95 million (HKD$750 million) to complete the program and fund the manufacturing activities.
New York-based GEM Global Yield has committed to provide the capital — through purchasing shares — once NeuroRx gets listed on a public market. The biotech, which was founded by biopharma vet Jonathan Javitt and psychiatry researcher Daniel Javitt (the brothers are the CEO and chairman of the scientific advisory board, respectively), can draw as much or as little of the agreed amount within a 30-month term. The plan is to develop NRX-101 in both the US, where it has a breakthrough therapy designation, and China.
NeuroRx secures $95M to fund PhIII for NMDA depression drug
