HOPE Therapeutics, Inc., a wholly-owned subsidiary of NRx Pharmaceuticals (NASDAQ: NRXP), announced on March 31, 2025, the signing of a definitive agreement to acquire Dura Medical, a revenue-generating and EBITDA-positive interventional psychiatry provider on Florida's west coast. This acquisition, following the previously announced Neurospa TMS network deal, aims to create a comprehensive mental health treatment network in the region.
Founded in 2018, Dura Medical offers advanced interventional psychiatry services, including Ketamine Infusion Therapy, Transcranial Magnetic Stimulation (TMS), Spravato®, and Stellate Ganglion Blocks, complemented by traditional psychiatric care and therapy. The clinics specialize in treating depression, suicidality, PTSD, anxiety, and related disorders.
Strategic Expansion in Florida
The acquisition represents a significant step in HOPE Therapeutics' strategy to build an international network of interventional psychiatry clinics. With initial locations in Naples and Fort Myers, Dura Medical will serve as an anchor for HOPE's Florida operations, with plans for expansion to the state's east coast and beyond.
Stephen Durand, founder of Dura Medical and a US Army Reserve Veteran, will join HOPE Therapeutics as Director of Florida Clinic Operations. Under his leadership, Dura Medical has established itself as a pioneer in combining psychedelic medications with neuroplastic technologies for treating mental health conditions.
"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 Durand. "We're excited to align mission with the HOPE Network and to lead HOPE's expansion in Florida and beyond."
Comprehensive Mental Health Services
A distinguishing feature of Dura Medical is its partnership with the Veterans Affairs Community Cares Network (VA CCN), which ensures military veterans have access to advanced treatments for suicidal depression, PTSD, and Traumatic Incident Reduction Therapy (TIR).
"Steve 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," said Jonathan Javitt, MD MPH and Matthew Duffy, Co-CEOs of HOPE Therapeutics. "We are excited to incorporate Dura's tradition of excellence and commitment to patient care for civilians and veterans alike into HOPE's Florida network."
Durand will work closely with Dr. Dennis McBride, PhD (CAPT US Navy Ret., SES-4 National Defense University Ret.), HOPE's Chief Strategy Officer, and Thomas Paul (1SG US Army Ret), recently of the 82nd Airborne, who serves as HOPE's Chief of Staff.
Addressing a Critical Public Health Need
The acquisition comes at a critical time in mental health care. According to CDC data, over 13 million Americans seriously consider suicide every year, with one American dying from suicide approximately every 11 minutes.
HOPE Therapeutics aims to address this crisis by providing access to innovative treatments that have shown promise for patients who haven't responded to conventional therapies. The combination of ketamine therapy, TMS, and other neuroplastic approaches represents a multifaceted strategy for treating severe mental health conditions.
Closing Conditions and Future Plans
The completion of the Dura Medical acquisition remains subject to financial audits, regulatory approvals, and the satisfaction of standard closing conditions. Once finalized, the acquisition is expected to be immediately accretive to NRx Pharmaceuticals' revenue and EBITDA.
HOPE Therapeutics is also developing a digital therapeutic-enabled platform designed to augment and preserve the clinical benefit of NMDA-targeted drug therapy, which could further enhance the effectiveness of treatments offered at its clinics.
About HOPE Therapeutics and NRx Pharmaceuticals
HOPE Therapeutics is developing a network of interventional psychiatry clinics offering psychedelic medications and neuroplastic therapies for suicidal depression and related disorders. The company is also working on a digital therapeutic platform to enhance NMDA-targeted drug therapy.
NRx Pharmaceuticals, the parent company, is a clinical-stage biopharmaceutical company developing treatments based on its NMDA platform for central nervous system disorders. Its lead candidate, NRX-101, has FDA Breakthrough Therapy designation for treatment-resistant bipolar depression and chronic pain. The company is also pursuing FDA approval for NRX-100 (IV ketamine) for suicidal depression, having recently received Fast Track Designation from the FDA.
As the mental health crisis continues to affect millions of Americans, the expansion of innovative treatment options through networks like HOPE Therapeutics represents a significant development in addressing unmet needs in psychiatric care.
