WILMINGTON, DE - Media OutReach- 29 October 2019 - NeuroRx, Inc(NeuroRx) announced that it has signed an agreement with GEM Global Yield LLCSCS ("GEM"), the New York basedprivate alternative investment group to provide the NeuroRx with up to HK$ 750million over a  30 month term following apublic listing of NeuroRx's common stock.

NeuroRx will use the funds to complete its phase 3 clinical trials and GMPmanufacturing requirements in both the US and China for NRX-101, anFDA-designated Breakthrough Therapy in development for suicidal bipolardepression. The company further plans to initiate phase 2 clinical trials inthe treatment of Suicidal Post-traumatic Stress Disorder (PTSD) under itsCooperative Research and Development Agreement with the US Department ofVeterans Affairs.

Theinitial HK$ 750 Million will be in the form of a capital commitment that allowsNeuroRx to draw down funds during the 30-month term by issuing shares ofNeuroRx's common stock to GEM (or such persons as it may direct) and subject toshare lending arrangement(s) being in place.

NeuroRx will control the timing and maximum amount of drawdown under thisfacility and has no minimum drawdown obligation. Concurrent with a publiclisting of NeuroRx shares, the company will issue warrants to GEM to purchaseup to seven and a half per cent (7.5%) of the outstanding common stock of the companyon a fully diluted basis. The warrants will have an exercise price per shareequal to the lesser of (i) the closing bid price on the first day of public tradingor (ii) the pro rata portion of HK$ 1,725 Million valuation for the company.  There can be no guarantee that the companywill achieve a future public listing in the near future, or at all.

"This agreement with GEM helps to secure funding for continued growth anddevelopment of the company as we attempt to bring a Breakthrough therapy tomarket for an unmet medical need that kills more than 1000 people worldwide eachday," stated Dr. Jonathan Javitt, CEO and Chairman of NeuroRx.  Today, patients with suicidal bipolardepression and PTSD have no FDA-approved treatment other than electroconvulsivetherapy.  We aim to offer a safe,effective alternative.

About The GEM Group:

Global Emerging Markets ("GEM") is a $3.4billion alternative investment group based in Paris, New York and Los Angeles.GEM manages a diverse set of investment vehicles focused on emerging marketsthat provide the group and its investors with a diversified portfolio of assetclasses that span the global private investing spectrum.  Each investment vehicle has a differentdegree of operational control, risk-adjusted return and liquidity profile. Thefamily of funds and investment vehicles provide GEM and its partners withexposure to: Small-Mid Cap Management Buyouts, Private Investments in PublicEquities (PIPEs) and select venture investments.

About NeuroRx, Inc.:

NeuroRx draws upon 30 years of basic science and clinicalexpertise in the role of N-methyl-D- aspartate (NMDA), a receptor thatregulates human thought processes, particularly depression and suicidality, aswell as PTSD. The company is privately funded and led by former seniorexecutives of Johnson & Johnson, BMS, Eli Lilly, Pfizer, and Sunovion.NeuroRx's Board of Directors and Advisors includes Prof. Shoubin Chen, SeniorMedical Advisor to the Li Ka Shing Foundation, Hon. Sherry Glied, formerAssistant Secretary, U.S. Dept. of Health and Human Services; Lt. Gen. HRMcMaster, the 23^rd National Security Advisor, Wayne Pines, formerAssociate Commissioner of the U.S. Food and Drug Administration, and DanielTroy, former Chief Counsel, U.S. Food and Drug Administration,.

About NRX-101

NRX-101 is designed to address suicidal bipolar depression forwhich there is no currently approved drug and for which the only FDA-approvedtreatment remains electroconvulsive therapy (ECT). NRX-101 is a patented, oral,fixed-dose combination of two FDA approved drugs: D-cycloserine, an N-methyl-D-aspartate (NMDA) receptor modulator, and lurasidone, which hasD2/5-HT2a receptor antagonist activity. The combination has shownstatistically-significant reduction in both depression and suicidal ideation inphase 2 studies and was awarded FDA Breakthrough Therapy Designation and FastTrack Designation.  A pivotal phase 3study is ongoing under an FDA Special Protocol Agreement that targets patientswho present for emergency care with Severe Bipolar Depression and Acute SuicidalIdeation. 

Forward Look Statements

This release may contain "forward-looking" statements, asthat term is defined in the Private Securities Litigation Reform Act of 1995 orby the SEC in its rules, regulations and releases. These forward-lookingstatements include, among other things, statements of plans, objectives,expectations or intentions. Forward-looking statements involve risks,uncertainties and assumptions and actual results may differ materially fromthose expressed in these forward-looking statements. You should not put unduereliance on any forward-looking statements in this communication. We do nothave any intention or obligation to update forward-looking statements after thedate of this communication, except as required by law.

Learn more at www.NeuroRxpharma.com