Neurorx, Inc. and Big Rock Partners Acquisition Corp. (BRPA) Announce Committed $10 Million Pipe to Support Proposed Business Combination
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NeuroRx, Inc. ("NeuroRx"), a clinical stage-small molecule pharmaceutical company and Big Rock Partners Acquisition Corp. ("Big Rock") (NASDAQ: BRPA), a special purpose acquisition company, are pleased to announce that institutional investors have committed to a private investment of $10 million in the form of one million shares of common stock of the combined company at a price of $10.00 per share (the "PIPE"), which will close concurrently with the previously announced proposed business combination between NeuroRx and BRPA.
The PIPE transaction will provide the combined company with the capital resources to better enable it to accelerate product development of its drug portfolio.
On December 14, 2020, NeuroRx and BRPA announced that they had entered into a definitive agreement and plan of merger for a business combination that would result in NeuroRx becoming a wholly-owned subsidiary of BRPA, and with the NeuroRx shareholders receiving shares of BRPA. Upon the closing of the transaction, BRPA will change its name to "NeuroRx, Inc.", and it is expected that its common stock and public warrants will be listed on the NASDAQ. The combined company will continue to operate under the current NeuroRx management team, led by Chief Executive Officer, Jonathan C. Javitt, MD, MPH. The proposed business combination, if approved by the stockholders of BRPA and NeuroRx, is currently expected to close in Q2 2021.
NeuroRx draws upon more than 100 years of collective drug development experience and is led by former senior executives of Johnson & Johnson, Eli Lilly, Pfizer, and AstraZeneca, PPD. In addition to its work on RLF-100, NeuroRx has been awarded Breakthrough Therapy Designation and a Special Protocol Agreement to develop NRX-101 in suicidal bipolar depression and is currently in Phase 3 trials. Its executive team is led by Prof. Jonathan C. Javitt, MD, MPH, who has served as a health advisor to four Presidential administrations and worked on paradigm-changing drug development projects for Merck, Allergan, Pharmacia, Pfizer, Novartis, and Mannkind, together with Robert Besthof, MIM, who served as the Global Vice President (Commercial) for Pfizer's Neuroscience and Pain Division. Its Board of Directors and Advisors includes Hon. Sherry Glied, former Assistant Secretary, U.S. Dept. of Health and Human Services; Mr. Chaim Hurvitz, former President of the Teva International Group, Lt. Gen. HR McMaster, the 23rd National Security Advisor, Wayne Pines, former Associate Commissioner of the U.S. Food and Drug Administration, Judge Abraham Sofaer, and Daniel Troy, former Chief Counsel, U.S. Food and Drug Administration.
About Big Rock Partners Acquisition Corp.
Big Rock Partners is a blank check company formed for the purpose of entering into a merger, stock exchange, asset acquisition, stock purchase, recapitalization, reorganization, or other similar business combination with one or more businesses or entities. Big Rock Partners' management team includes Richard Ackerman, Chairman, President, and Chief Executive Officer, and Bennett Kim, Chief Financial Officer, Chief Investment Officer, Corporate Secretary and Director. Big Rock's securities are quoted on the Nasdaq Stock Exchange under the ticker symbols NASDAQ: BRPA, BRPAU, BRPAR and BRPAW.
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