NRx Pharmaceuticals' wholly-owned subsidiary HOPE Therapeutics, Inc. has announced plans to acquire the Kadima Neuropsychiatry Institute of La Jolla, California, establishing it as the flagship clinic for HOPE's planned international network of interventional psychiatry facilities. The acquisition represents a significant step in HOPE's strategy to provide advanced treatments for debilitating mental health conditions including depression, anxiety, and post-traumatic stress disorder (PTSD).
Kadima, recognized as one of the world's premier interventional psychiatry clinics, was among the first to implement Ketamine Therapy for Central Nervous System (CNS) disorders in a clinical setting at scale. The institute offers cutting-edge treatments for suicidal depression, anxiety, PTSD, and other CNS disorders, including Ketamine Therapy, Spravato® (nasal esketamine), and Transcranial Magnetic Stimulation (TMS).
Leadership Transition and Strategic Vision
Professor David Feifel, MD, PhD, founder and CEO of Kadima, will join HOPE Therapeutics as Chief Medical Innovation Officer (CMIO) upon completion of the acquisition. Dr. Feifel, currently Professor Emeritus of Psychiatry at the University of California San Diego, has been a pioneer in the field of interventional psychiatry for over three decades. His contributions include establishing the first clinical program to use subanesthetic dose ketamine infusions for neuropsychiatric disorders at UC San Diego and co-authoring a landmark expert consensus paper for treating depression with TMS.
"I am thrilled to join the leadership of HOPE at this exciting juncture," said Dr. Feifel. "In a world where nearly 60 million Americans suffer from a mental illness in any given year, our dream has been to expand the successes and learnings of Kadima to an international stage, where we can continue to innovate and refine treatments that will create a world in which suicidal depression and PTSD are 100% treatable conditions."
Jonathan Javitt, MD MPH and Matthew Duffy, Co-CEOs of HOPE Therapeutics, expressed their enthusiasm about welcoming Dr. Feifel and the Kadima team. "David has helped pioneer the field of interventional psychiatry and is one of the few global thought leaders who has been able to span the worlds of academia and community health care delivery," they stated.
Research Capabilities and Military Connections
Beyond its clinical services, Kadima maintains a robust research division and serves as a leading investigative site for innovative CNS treatments, with particular expertise in psychedelic research. The institute has participated as a lead site in nearly all major clinical trials in this area.
Notably, Kadima has established contracts with the U.S. Department of Veterans Affairs and treats active-duty military personnel under Tricare and other treatment programs, highlighting its commitment to addressing mental health challenges faced by military communities.
Multi-Modal Treatment Approach
HOPE Therapeutics aims to leverage Kadima's experience to guide the development of an integrated, multi-modal approach to treating suicidal depression, anxiety, and PTSD. This approach combines ketamine therapy with neuromodulation techniques such as Transcranial Magnetic Stimulation and digital therapeutics—a combination that HOPE believes will be more effective than ketamine monotherapy.
Dr. Feifel and Dr. Javitt will present a keynote address titled "Beyond Ketamine: Combined Interventional Treatment of Suicidal Depression and PTSD" at the 8th Annual Neuroscience Innovation Forum during the JP Morgan Healthcare Conference in San Francisco on January 12, 2025. The presentation will focus on integrating NMDA-targeted drug therapy with other emerging modalities to produce synergistic therapeutic effects for patients with debilitating neuropsychiatric conditions.
Financial Outlook and Future Plans
The acquisition is expected to be immediately accretive to revenue and EBITDA for NRx Pharmaceuticals. HOPE has secured a binding term sheet for $27 million in anticipated funding for clinic acquisitions and pharmaceutical operations from an institutional investor.
The company has also announced Dura Medical as another planned cornerstone acquisition for its international network of interventional psychiatry clinics. Additionally, NRx Pharmaceuticals has initiated filing of its New Drug Application (NDA) for NRX-100 (IV ketamine) for the treatment of suicidal depression and is preparing to file an NDA for Accelerated Approval of NRX-101 for bipolar depression with suicidality or akathisia.
Market Context and Unmet Need
The expansion of interventional psychiatry clinics addresses a significant unmet need in mental healthcare. With nearly 60 million Americans suffering from mental illness annually, innovative approaches to treatment-resistant conditions like suicidal depression and PTSD are urgently needed.
While ketamine has been recognized as a breakthrough treatment for these conditions, HOPE Therapeutics acknowledges that intravenous ketamine alone may not be sufficiently efficacious for many patients or may not create a sufficiently durable response. The company's integrated approach aims to induce improvements that are strong and durable enough to allow patients with suicidal depression and PTSD to lead productive and rewarding lives.
The acquisition of Kadima is subject to the completion of financial audits, execution of definitive agreements, and the satisfaction of standard closing conditions.
