NRX Pharmaceuticals' (NRXP) Hope Therapeutics unit said Tuesday it has entered into a stock purchase agreement with Smith & Sauer for a $27 million financing round to fund the planned purchase of Hope clinics.

The agreement includes an immediate $2 million investment in NRx common stock and Smith & Sauer committing to buy Hope's Series A preferred shares worth $25 million. An initial sum of $6.75 million of the $25 million is due Feb. 7, while the remaining amount is due April 1, the company's unit said.

The funds will be used to expand Interventional Psychiatry Clinics for the treatment of severe depression and other psychological disorders, it added.

The company expects to generate revenues of $100 million by the end of 2025 through the clinic roll-up, Hope said.

NRx is also working with an investment bank to secure $400 million to further expand its national and international footprint, according to the company's chairman, Jonathan Javitt.

Shares of NRx jumped 28% in recent trading.

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