NRx Pharma Files Counterclaim Against Relief Therapeutics Over COVID-19 Candidate Rights
NRx Pharmaceuticals Inc (NASDAQ: NRXP) has filed a counterclaim against its former partner, Relief Therapeutics Holdings (OTC: RLFTF), in an ongoing dispute over the COVID-19 treatment Zyesami (avaptadil).
NRx alleges that Relief has breached a collaboration agreement and falsely asserted worldwide right to Zyesami.
In addition, NRx alleges that Relief board Chairman Raghuram Selvaraju and management have engaged in a "past pattern of collusion...that have led to criminal investigations, sanctions, fines, and in one case incarceration."
The company recently submitted data for Zyesami (Aviptadil) after failing to recover on remdesivir have a 3-fold increased odds of recovery from the ICU.
NRx is seeking $185 million in reliance and punitive damages for "libelous and extortionate behavior."
NRx said Relief has continued to mislead the public and shareholders by claiming ownership over NRx's expanded access programs, participation in the NIH trials, and development of commercial-scale manufacturing and distribution programs.
NRx claims all were undertaken solely by the company, and Relief refused to fund and participate.
"We are similarly horrified that Relief's management attempted to coerce NRx into using Relief's patented formulation of aviptadil in critically-ill patients despite Relief's knowledge that the formulation was ineffective," said NRx.
Price Action: NRXP shares are up 0.42% at $4.77 during the premarket session on the last check Thursday.
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