NRx Pharmaceuticals (Nasdaq: NRXP) subsidiary HOPE Therapeutics has made a significant move in the field of interventional psychiatry with the acquisition of Dura Medical, a provider of a wide range of psychiatric services. Founded in 2018, Dura Medical has established itself as a leading provider in the industry with locations in Naples and Ft. Myers, Florida.
Dura Medical offers a comprehensive suite of interventions, including ketamine infusion therapy, transcranial magnetic stimulation (TMS), Spravato, as well as traditional psychiatry and therapy services. This acquisition marks a strategic expansion for HOPE Therapeutics, as part of a larger M&A effort that also includes the pending acquisitions of Neurospa TMS and Cohen and Associates. Once these deals are finalized, HOPE Therapeutics will be able to offer a diverse range of interventional psychiatry services across eight locations on the West Coast of Florida.
The provider specializes in treating a variety of conditions such as depression, suicidal ideation, PTSD, anxiety, OCD, substance use disorder, and eating disorders. This acquisition aligns with HOPE Therapeutics’ mission to provide innovative and effective treatment options for patients suffering from mental health disorders.
Following the acquisition, Dura Medical’s founder, Stephen Durand, will take on the role of director of Florida clinic operations, bringing his expertise and experience to the HOPE Therapeutics team. HOPE Therapeutics is a clinical care delivery service under the umbrella of NRx Pharmaceuticals, a biopharma company focused on developing therapies based on NMDA-therapies. NRx Pharmaceuticals recently received FDA Fast Track designation for its preservative-free ketamine, designated as NRX-100.
The use of ketamine and other psychedelics in mental health treatment has been gaining traction in the industry, with providers like Noma Therapy receiving significant funding for their virtual psychiatry offerings, which include ketamine-assisted treatment. M&A activity in the space has also been on the rise, with companies like Beckley Waves acquiring Nue Life in the psychedelics-focused venture studio.
However, challenges persist in the industry, as evidenced by Stella’s acquisition of a majority stake in ketamine-assisted therapy provider Field Trip Health & Wellness after the latter announced insolvency in a Canadian court. Despite these challenges, the field of interventional psychiatry continues to evolve, with companies like HOPE Therapeutics at the forefront of innovation and advancements in mental health treatment.
