Hope Therapeutics to acquire stake in Florida psychiatry clinic

MIAMI - HOPE Therapeutics, a subsidiary of NRx Pharmaceuticals, Inc. (NASDAQ:NRXP), announced Thursday it has signed a binding letter of intent to purchase a 49% interest in Cohen and Associates, an interventional psychiatry clinic in western Florida. The announcement comes as NRx, currently valued at approximately $56 million, has seen its stock surge over 113% in the past six months, according to InvestingPro data.

The acquisition of the Sarasota-Bradenton area clinic is expected to be immediately accretive to revenue and EBITDA, according to the company’s press release statement. This strategic move comes as InvestingPro analysis shows NRx operating with moderate debt levels and facing profitability challenges, with an EBITDA of -$17.45 million in the last twelve months.

Cohen and Associates, founded by Dr. Rebecca Cohen in 2014, offers treatments for suicidal depression, PTSD and other central nervous system disorders, including ketamine therapy, Spravato, Transcranial Magnetic Stimulation and medication management.

Dr. Cohen, described as an interventional psychiatrist and psychopharmacologist, is a fellow of both the American Psychiatric Association and the International Clinical TMS Society, with academic background from Tufts University, Boston University, and Georgetown University.

"We are delighted to welcome Rebecca and her team to the HOPE family," said Jonathan Javitt and Matthew Duffy, Co-CEOs of HOPE Therapeutics, in the announcement.

The transaction remains subject to execution of definitive documents and standard closing requirements. The companies did not disclose financial terms of the planned acquisition.

HOPE Therapeutics is building a network of interventional psychiatry clinics offering various therapies for patients with suicidal depression and related disorders, along with a digital therapeutic platform.

NRx Pharmaceuticals is developing therapeutics based on its NMDA platform for central nervous system disorders, including NRX-101 for suicidal treatment-resistant bipolar depression. According to InvestingPro analysis, the company’s stock is currently trading near its Fair Value, with analyst price targets ranging from $18 to $46, suggesting significant potential upside. InvestingPro subscribers have access to 8 additional key insights about NRXP and comprehensive analysis through the Pro Research Report, available for over 1,400 US stocks.

In other recent news, NRx Pharmaceuticals has made significant strides in its business and regulatory efforts. The company reported a net loss of $5.5 million for the first quarter of 2025, which is an improvement from a $6.5 million loss in the same period last year. NRx Pharmaceuticals has submitted an Abbreviated New Drug Application (ANDA) to the FDA for NRX-100, a preservative-free intravenous ketamine formulation, aiming to address the ongoing U.S. drug shortage of ketamine. The company is also targeting profitability by the end of 2025, driven by potential FDA approvals and strategic expansion plans. Additionally, NRx Pharmaceuticals has initiated a New Drug Application (NDA) for NRX-100 for the treatment of suicidal depression, with an anticipated Prescription Drug User Fee Act (PDUFA) date in late 2025. The company has been granted Fast Track Designation by the FDA for the development of ketamine in treating acute suicidality. Furthermore, NRx Pharmaceuticals is expanding its clinic network and anticipates FDA approval of key drugs in 2025. The company also plans to file a citizen’s petition with the FDA to mandate the removal of benzethonium chloride from all IV ketamine products in the U.S.

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