NRXP stock rose in morning trade on November 5, 2021, after the company reported that it received a business license in Luxembourg. The stock did a big gap down open so the benefit of the upward move is questionable.
NRx Pharmaceuticals subsidiary granted business license in Luxembourg
On November 5, 2021, The Fly news service reported that NRx Pharmaceuticals, via its subsidiary, NRx Luxembourg, or NRx, has concluded a business mission to Luxembourg at the invitation of the Luxembourg Ministry of the Economy in preparation for the establishment of vaccine manufacturing capability to serve European and adjacent markets. NRx Luxembourg has been granted an operating company business license by the Luxembourg government and has established a commercial banking relationship with BNP Paribas, managed by BNP’s Head of Global Trade Solutions. NRx is currently negotiating a banking and finance solution in preparation for tech transfer, scale-up, and manufacture of the BriLife vaccine. NRx has agreed to a tech transfer and scale-up contract with an advanced viral vector, contract research, and manufacturing organization in the Luxembourg region, with the objective to advance the BriLife vaccine from its current research scale platform to a scalable, adherent cell viral vector manufacturing platform that conforms to Good Manufacturing Practices and other regulatory requirements. NRx and BNP’s Head of Global Trade Solutions have met with Luxembourg’s Directorate of Research and Innovation of the Ministry of the Economy to begin framing a vaccine manufacturing structure with government support that is intended to have the capability of delivering in excess of 300M doses per year of vaccine at initial scale. NRx plans to finalize and initiate the next phase of its BriLife vaccine development program before the holiday season as the company also finalizes the European sites for its planned phase 3 trial.
“As we begin to understand the potential of the BriLife vaccine to resist the Delta variant and other emerging variants of concern, we are working to put in place the manufacturing backbone that will enable us to begin building a large scale capability to deliver the technology. BriLife is manufactured by a newly-developed bioreactor technology previously developed for gene therapy,” said Jonathan Javitt, MD, MPH, Chief Executive Officer and Chairman of the Board of NRx. “We are fortunate that Luxembourg has shown us a confluence of unique technological capability, an enthusiastic financing environment, and a set of government priorities that include the type of environmentally friendly, high technology, health-tec manufacturing we require to advance BriLife to the next level. Health-tec is an announced developmental priority of the Luxembourg government.”
NRXP Stock Technical Analysis
The technical rating of NRXP is bad and it also does not present a quality setup at the moment. Price movement has been a little bit too volatile to find a nice entry and exit point. It is probably a good idea to wait for a consolidation first. Click here to sign up for email alerts on when NRXP stock is a good entry.