NRx Pharmaceuticals (Nasdaq: NRXP) subsidiary HOPE Therapeutics has acquired Dura Medical, a provider of interventional psychiatry services.
Founded in 2018, Dura Medical has locations in Naples and Ft. Myers, Florida. The provider offers a number of interventions, including ketamine infusion therapy, transcranial magnetic stimulation (TMS), Spravato, as well as traditional psychiatry and therapy, according to a press release.
HOPE Therapeutics, a clinical care delivery service, revealed that this deal is part of a larger M&A effort by the company, which includes the pending acquisitions of Neurospa TMS, and Cohen and Associates. Once the deals are complete, HOPE Therapeutics will be able to offer a variety of interventional psychiatry offerings across eight locations on the West Coast of Florida.
The provider treats a range of conditions, including depression, suicidal ideation, PTSD, anxiety, OCD, substance use disorder and eating disorders.
HOPE Therapeutics has had its eye on growth for some time. In 2024, the provider announced that it had secured $30 million in debt financing with the plan to acquire five ketamine clinics within the year.
Following the acquisition, Dura’s founder, Stephen Durand, will serve as the director of Florida clinic operations.
HOPE Therapeutics’s parent company, NRx Pharmaceuticals, is a biopharma company that is developing therapies based on NMDA-therapies. NRx Pharmaceuticals has recently secured an FDA Fast Track designation for its preservative-free ketamine, designated as NRX-100.
HOPE Therapeutics isn’t the only provider looking to use ketamine and other psychedelics in treatment. In May, Noma Therapy landed $4.25 million for its virtual psychiatry offering, which includes ketamine-assisted treatment.
The space has also included several M&A developments over the past few years. For example, in 2023, psychedelics-focused venture studio Beckley Waves purchased Nue Life.
Still, it hasn’t always been smooth sailing for the industry.
Stella acquired the majority stake in ketamine-assisted therapy provider Field Trip Health & Wellness after the seller announced it was not solvent in a Canadian court.