NRX Pharmaceuticals (NASDAQ:NRXP) shares are trading higher on Thursday after the company's Hope Therapeutics subsidiary announced the planed acquisition of Kadima Neuropsychiatry Institute.

The acquisition is part of a broader plan by NRX and Hope to establish a network of clinics for treating depression and PTSD, with Kadima set to become the flagship location.

NRX highlights Kadima as a leading interventional psychiatry clinic, known for introducing ketamine therapy for central nervous system disorders at scale. The clinic also offers treatments such as Spravato, transcranial magnetic stimulation and medication management for conditions like suicidal depression, PTSD and anxiety.

The network is set to be called the HOPE network of which Dr. David Feifel will serve as the Chief Medical Innovation Officer.

"I am thrilled to join the leadership of HOPE at this exciting juncture," said Feifel.

"In a world where nearly 60 million Americans suffer from a mental illness in any given year, our dream has been to expand the successes and learnings of Kadima to an international stage, where we can continue to innovate and refine treatments that will create a world in which suicidal depression and PTSD are 100% treatable conditions, from which patients and their families should expect to return to empowered and productive lives."

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NRXP Price Action: At the time of publication, NRX stock is trading 42.3% higher at $3.13, according to data from Benzinga Pro.

Image: Akava Photo from Pixabay