NRx Pharmaaeuticals To Receive First $5 Mln Milestone Payment From Partners Alvogen And Lotus Pharma
(RTTNews) - Biopharmaceutical company NRx Pharmaceuticals, Inc. (NRXP) announced Monday the advance of the first $5 million milestone payment based on the Company's partnership agreement with Alvogen, Inc. and Lotus Pharmaceutical Co. Ltd.
Under the terms of the updated agreement, the Company will immediately receive $5 million of the first milestone, which NRx will use to fund development of NRX-101 through the phase 2 meeting with FDA.
As compensation for advancing the milestone, Alvogen and Lotus will receive 4.1 million warrants to purchase the Company's common stock, at a strike price of $0.40 with a three-year term.
The second portion of the milestone will be $4 million and, as before, be triggered by a positive response to the Company's planned end of phase 2 meeting with FDA.
NRx then remains eligible to receive up to $320 million in future development and sales milestones, as well as royalty payments escalating to mid-teen percentages on net sales, subject to achievement of certain sales volumes.
Additionally, Alvogen and Lotus will be responsible for future development and commercialization costs for NRX-101 in treatment of bipolar depression with suicidality.
NRx Pharma Achieves Data-lock In Phase 2b/3 Suicidal Treatment Resistant Bipolar Depression Study
NRx Pharma Says FDA Grants Permission To Proceed On IND For NRX-101 To Treat Chronic Pain
TSX Down Marginally In Lackluster Trade
Swiss Market Settles Flat
European Markets Close On Mixed Note After Cautious Session
Dollar Extends Losses As Markets Cling On To Fed Cut Hopes
U.S. Homebuilder Confidence Edges Slightly Lower In August
