$750 Million Market On Track to $3.35 Billion by 2034 Has High Return Opportunity with First-in-Florida Initiation of One Day (ONE-D) Depression Treatment in Partnership with Ampa Health: NRXP

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$NRXP Has $34 Price Target from D. Boral Research Report

* Developing NRX-101, an FDA-Designated Investigational Breakthrough Therapy for Suicidal Treatment-Resistant Bipolar Depression and Chronic Pain.

* Designed to Help Address the Needs of Over 13 Million Americans who Seriously Consider Suicide Each Year (CDC).

* D. Boral Analyst Report on NRXP $34 Price Target.

* First-in-Florida Initiation of One Day (ONE-D) Depression Treatment in Partnership with Ampa Health.

* ONE-D is the First Reported Protocol to Achieve Remission from Treatment-Resistant Depression via Single Day of Treatment, Using an FDA-Cleared Device.

* Re-Filing of Abbreviated New Drug Application (ANDA) for KETAFREE Trademark , Preservative-Free IV Ketamine.

* Notification of US Food and Drug Administration Approval of Suitability Petition for NRx's Proposed Strength of Preservative-Free Ketamine.

* Current Ketamine Market Estimated at $750 Million and Projected to Reach $3.35 Billion Globally in 2034.

* Dura Medical Acquisition Completed in Network of Interventional Psychiatry Clinics.

* $7.8 Million Debt Financing to Fuel NRXP HOPE Clinic Acquisitions with Universal Capital, LLC.

* Accepted Non-Binding Potential Terms to License and Distribute NRX-100 Drug Providing Over $300 Million in Milestones Plus Tiered Double-Digit Royalties.

NRx Pharmaceuticals, Inc. (Nasdaq: NRXP) is a clinical-stage biopharmaceutical company developing therapeutics based on its NMDA platform for the treatment of central nervous system disorders, specifically suicidal bipolar depression, chronic pain and PTSD. NRXP is developing NRX-101, an FDA-designated investigational Breakthrough Therapy for suicidal treatment-resistant bipolar depression and chronic pain

NRXP has partnered with Alvogen Pharmaceuticals around the development and marketing of NRX-101 for the treatment of suicidal bipolar depression. NRX-101 additionally has potential to act as a non-opioid treatment for chronic pain, as well as a treatment for complicated UTI.

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NRXP is working on a New Drug Application for NRX-100 (IV ketamine) in the treatment of suicidal depression, based on results of well-controlled clinical trials conducted under the auspices of the US National Institutes of Health and newly obtained data from French health authorities, licensed under a data sharing agreement. NRXP was awarded Fast Track Designation for development of ketamine (NRX-100) by the US FDA as part of a protocol to treat patients with acute suicidality.

D. Boral has issued an Analyst Report on NRXP with a Buy and $34 Price Target. The full report may be accessed at this direct link: https://www.nrxpharma.com/wp-content/uploads/2025/11/HOPE-Therapeutics-NRXP-Executes-Florida-Roll-out-of-Ampa-O.pdf

First-in-Florida Initiation of One Day (ONE-D) Depression Treatment in Partnership with Ampa Health

On November 10th NRXP announced initiation of patient care with for treatment-resistant depression with the Ampa one day (ONE-D) protocol. NRXP is the first to deploy the Ampa technology in Florida and one of the first deployments nationwide. The Ampa device differs from other Transcranial Magnetic Stimulation (TMS) treatments in that the peer-reviewed literature has reported a high rate of success (87% response and 72% remission) in nonrandomized trials when a single day of TMS treatment is combined with physician-prescribed D-cycloserine and lisdexamfetamine (note that neither of the drugs reported in the published results is FDA-approved for the stated indication).

The Ampa device is initially deployed at multiple NRXP HOPE clinic locations in Florida including Sarasota, Naples and Fort Myers, under the direction of Rebecca Cohen, MD, HOPE's Medical Director, with six locations in Florida planned by year-end 2025. The ONE-D protocol offers a new treatment paradigm to patients with severe depression who previously were required to undergo 90 days of TMS. D-cycloserine is an active component of the NRXP NRX-101, a Breakthrough Therapy designated investigational drug that is available under an expanded access protocol (www.clinicaltrials.gov [https://www.globenewswire.com/Tracker?data=edrogZBVk5smGKzIgYGWNBlK0dwuBFwh2q2-sEe_hC_6i2HToO9Khf8ZAuvk2az9H-PFMHC1OwJutODX94XTrjiXwqeX1kAEaqdt4USU1ws=] NCT05779267) and Federal and State Right to Try regulations.

NRXP Re-Files Abbreviated New Drug Application (ANDA) for KETAFREE Trademark , Preservative-Free IV Ketamine

On September 29th NRXP announced the re-filing of its Abbreviated New Drug Application (ANDA) to the U.S. Food and Drug Administration (FDA) for KETAFREE Trademark , its preservative-free IV ketamine formulation, for use in all existing approved indications. The filing follows FDA grant of approval of its Suitability Petition for the NRXP proposed strength of preservative-free ketamine.

The current annual ketamine market is estimated at $750 million, with global demand for ketamine projected to grow to $3.35 billion by 2034. This does not include the widespread use of compounded ketamine by clinics unable to obtain manufactured drug. NRx aims to capture a significant share of the current market. According to a 2021 survey, an estimated 5.1 million Americans had received ketamine for medical uses in their lifetime3, a number that continues to grow with increased clinical focus on this important medication. Ketamine currently faces a severe drug shortage according to the American Society of Hospital Pharmacists. Accordingly, NRXP is seeking priority review from FDA.

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NRXP previously filed a citizen's petition with the FDA to remove benzethonium chloride (BZT), a known neurotoxic and cytotoxic substance, from presentations of ketamine intended for intravenous use. The FDA has previously disallowed the use of BZT in hand cleansers and topical antiseptics. A related preservative, benzalkonium chloride has demonstrated corneal and conjunctival toxicity in artificial tears and glaucoma medications, leading to use of preservative-free alternatives. NRXP has filed expert testimony from accredited toxicologists regarding the toxicity of BZT, which is not generally recognized as safe (GRAS) by the FDA. Removal of potentially harmful preservatives from foods is a stated priority in the MAHA report and HHS leadership has additionally targeted preservatives in vaccines. BZT was originally added to ketamine when it was first formulated in the 1970s to maintain stability and sterility using the container closure systems then available. NRx has demonstrated long term stability and sterility with a patented preservative-free formulation using modern manufacturing methods.

Dura Medical Acquisition Completed in Network of Interventional Psychiatry Clinics

On September 8th NRXP announced the closing of its acquisition of Dura Medical. Dura, together with the pending Neurospa TMS and Cohen and Associates acquisitions, are planned to provide a comprehensive service offering to patients at more than 8 locations along the West Coast of Florida. Dura is revenue generating and EBITDA positive.

Dura delivers a full range of precision psychiatry services for severe depression and PTSD, including Ketamine Therapy and Transcranial Magnetic Stimulation to Veterans and civilian patients.

For more information on $NRXP visit: https://www.nrxpharma.com/ [about:blank] and https://compasslivemedia.com/case-study/nrx-pharmaceuticals/

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