By Marisa Wong
Los Angeles, Nov. 7 – NRx Pharmaceuticals, Inc. announced it has obtained about $11 million of unsecured debt financing from Streeterville Capital, LLC.
The 18-month note has an interest rate of 9% per annum, according to a press release.
The company has the option to prepay the note at 110.
The noteholder has the right to redeem up to $1 million of the outstanding balance of the note per month starting six months after issuance.
Payments may be made by the company at its option in cash, shares of its common stock or a combination of cash and stock.
The company said it intends to use net proceeds from the note, about $10 million, to support its NRX-101 development programs for the treatment of suicidal bipolar depression and post-traumatic stress disorder and for general corporate purposes.
NRx is a Radnor, Pa.-based clinical-stage biopharmaceutical company.
| Issuer: | NRx Pharmaceuticals, Inc.
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| Amount: | $11 million
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| Description: | Note
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| Maturity: | 18 months
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| Coupon: | 9%
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| Call option: | At 110
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| Put option: | Up to $1 million per month starting six months after issuance
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| Investor: | Streeterville Capital, LLC
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| Announcement date: | Nov. 7
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