HOPE Therapeutics, a wholly-owned subsidiary of clinical-stage biopharmaceutical company NRx Pharmaceuticals (NASDAQ: NRXP), has received final regulatory clearance from Florida's Agency for Health Care Administration (AHCA) to proceed with closing the acquisition of Dura Medical LLC. The approval represents a critical regulatory milestone for the revenue-generating and EBITDA-positive precision psychiatry clinic network.
Strategic Expansion in Florida's Mental Health Market
The Dura Medical acquisition, combined with previously announced acquisitions of Neurospa TMS and Cohen and Associates, will provide HOPE Therapeutics with comprehensive coverage along Florida's west coast. Founded in 2018, Dura Medical has established itself as a leader in precision psychiatry services, offering gold-standard treatment approaches for mental health and chronic pain conditions.
The clinic network leverages advanced interventional psychiatry procedures, including Ketamine Infusion Therapy, Transcranial Magnetic Stimulation (TMS), Spravato®, and Stellate Ganglion Blocks. These treatments are augmented by traditional psychiatry and therapy services to provide a complete continuum of care for patients with depression, suicidality, PTSD, anxiety, and related disorders.
Veterans Affairs Partnership and Community Impact
Dura Medical operates under an agreement with the US Department of Veterans Affairs through the Veterans Affairs Community Cares Network (VA CCN). This partnership ensures military veterans have full access to Ketamine Infusion Therapy, TMS, Spravato®, and Traumatic Incident Reduction Therapy (TIR). The clinic's founder, Stephen Durand, brings experience as a former nurse anesthetist in the US Army Reserve.
"We founded Dura Medical with the mission to reduce suicide in our community and aim to treat more than 10,000 people by 2026," said Stephen Durand, Founder of Dura Medical. "We're excited to align mission with the HOPE Network and to lead HOPE's expansion in Florida and beyond."
Innovation in Psychedelic-Assisted Therapy
The acquisition brings significant expertise in combining psychedelic medications with neuroplastic technologies. According to HOPE Therapeutics Co-CEOs Jonathan Javitt, MD MPH and Matthew Duffy, Durand has been "a pioneer in combining the use of psychedelic medications with neuroplastic technologies, including TMS in the treatment of suicidal depression and PTSD."
"We are pleased to receive this clearance from AHCA and will move expeditiously toward closing this landmark acquisition for HOPE," the Co-CEOs stated. "We are excited to incorporate Stephen and Liz Durand's tradition of excellence and commitment to patient care for civilians and veterans alike into HOPE's Florida network."
Parent Company's NMDA Platform Development
NRx Pharmaceuticals is advancing multiple therapeutic candidates based on its NMDA platform for central nervous system disorders. The company is developing NRX-101, an FDA-designated investigational Breakthrough Therapy for suicidal treatment-resistant bipolar depression, with plans to file a New Drug Application for Accelerated Approval in patients with bipolar depression and suicidality or akathisia.
The company has also filed for a Commissioner's National Priority Voucher for NRX-100 (preservative-free IV ketamine) and submitted an Abbreviated New Drug Application for the compound's currently approved indications. Additionally, NRx has initiated a New Drug Application filing for NRX-100 for treating suicidal depression, based on clinical trial results conducted under the US National Institutes of Health and data from French health authorities obtained through a licensing agreement.
The acquisition is expected to be accretive to both revenue and EBITDA, with closing subject to satisfaction of standard closing conditions. HOPE Therapeutics continues building its network of interventional psychiatry clinics to deliver ketamine, TMS, and other therapies for patients with suicidal depression and related disorders, supported by a digital therapeutic platform designed to enhance NMDA-targeted drug therapy benefits.
