Benzinga | Mar 15, 2021 07:19AM EDT

Neurorx, Inc. and Big Rock Partners Acquisition Corp. Announce Committed $10M Pipe to Support Proposed Business Combination

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.