• Subsidiary HOPE Therapeutics signed a $7.8 million debt financing term sheet with Universal Capital.
• Combined with a prior strategic investment, for which a financing term sheet has also been signed, the total financing investment, assuming both are closed, represents an expected $10.3 million for HOPE acquisition funding, supporting initial acquisitions of Dura Medical, Kadima, and NeuroSpa clinics.
• The expanding HOPE clinic network will deliver neuroplastic therapies for depression and PTSD, including ketamine and TMS.
• NRx continues regulatory progress for NRX-100 (IV ketamine) and NRX-101 (oral bipolar depression therapy).
• The FDA waived NRx’s $4.3 million drug application fee, and patents could protect NRX-100 through 2045.

NRx Pharmaceuticals (NASDAQ: NRXP), a clinical-stage biopharmaceutical company, is advancing its twin strategy of expanding a nationwide mental health clinic network while progressing toward FDA approval of its NMDA-based therapies for suicidal depression and bipolar disorder.

The company’s wholly owned subsidiary, HOPE Therapeutics, Inc., a medical and technology-driven company, has signed a term sheet for $7.8 million in debt financing with Universal Capital, LLC (https://ibn.fm/tZzIa). The funds will support HOPE’s clinic acquisition strategy, starting with the previously announced acquisitions of Dura Medical, Kadima Neuropsychiatry Institute, and NeuroSpa TMS Holdings. Together with a separate strategic investment, for which a financing term sheet was signed earlier, HOPE expects to deploy $10.3 million in acquisition capital in the near term, once both agreements are closed.

The clinics will provide interventional psychiatric care focused on neuroplastic therapies like transcranial magnetic stimulation (“TMS”) and intravenous ketamine. These approaches are increasingly used to treat conditions including major depressive disorder, PTSD, and suicidality, offering alternatives to traditional pharmacological treatments.

The acquired clinics are expected to represent roughly $15 million in pro forma revenue for 2025. NRx has also entered talks with four additional clinical entities that could add another $20 million in revenue potential. Management’s stated goal is to scale to $100 million in forward-looking pro forma revenue by year-end.

HOPE Therapeutics has already begun serving veterans through VA contracts, with potential for significant expansion as more clinics come online. U.S. health officials, including the Secretary of Health and Human Services and the VA Secretary, have publicly emphasized the importance of psychedelic and neuroplastic treatments in addressing the nation’s suicide crisis.

HOPE’s expansion takes place as NRx moves closer to FDA approval for its proprietary ketamine formulation, NRX-100. The drug, a preservative-free IV ketamine therapy for suicidal depression, completed the stability and sterility testing needed for its New Drug Application (“NDA”). The NDA is on track to be filed in Q2 2025. The FDA has granted a waiver for the $4.3 million submission fee for NRX-100, and has previously assigned Fast Track Designation to the drug, according to the company’s Q1 financial results and corporate update (https://ibn.fm/cN2Nh).

In May, NRx filed a U.S. patent application for NRX-100, which may offer protection through 2045. The drug is designed to exclude benzethonium chloride, a preservative with known neurotoxicity, making it potentially the only FDA-approved IV ketamine without this additive. The company also announced development of HTX-100, a pH-neutral subcutaneous ketamine formulation, targeting broader outpatient use by eliminating the current formulation’s acidity and associated side effects.

The broader market opportunity for NRX-100 is substantial. Suicidal depression affects millions in the U.S. and is estimated to represent a $3 billion addressable market. 

In parallel, the company is advancing NRX-101, an oral therapy for bipolar depression with suicidality or akathisia. The drug has shown efficacy in late-stage trials and has already received Breakthrough Therapy Designation. A filing for accelerated approval is expected later in 2025, with a PDUFA date anticipated by year-end.

NRx presented these updates at the recent Wall Street Conference in Palm Beach, Florida, where the company was one of six featured presenters. Over 1,000 attendees representing more than $1 trillion in capital were present for the presentation given by CEO, Founder, and Chairman Jonathan Javitt, MD, MPH, underscoring investor interest in the company’s progress (https://ibn.fm/QJwZ0).

Commenting on the recent updates, Javitt underlined that the company’s 2024 momentum continued into 2025, as it has advanced regulatory filings for NRX-100 and NRX-101 and advanced commercial opportunity with potential new IP protection for NRX-100, now added to the company’s already robust NMDA IP portfolio. “We also took meaningful steps toward realizing our vision for HOPE Therapeutics as a national network of interventional psychiatry clinics—beginning with the announcements on the planned acquisition of Kadima, Dura Medical, and Neurospa TMS,” said Javitt. “These accomplishments reflect our team’s dedication to advancing mental health innovation and delivering life-saving treatments to patients in urgent need.”

For more information, visit the company’s website at www.NRxPharma.com.

NOTE TO INVESTORS: The latest news and updates relating to NRXP are available in the company’s newsroom at https://ibn.fm/NRXP

Ecuador is on the verge of a mine-building surge, as President Daniel Noboa’s reelection coincides with high metals prices and a handful of projects ready for development.

He will start his second term on May 24 on the brink of a mining bonanza, with six projects at the development stage representing at least US$10 billion in investment slated for construction decisions during the 2025-2029 presidential term.

During his current term, truncated to about 18 months as he is completing the term of the previous incumbent, Guillermo Lasso, Noboa has been an advocate of growing Ecuador’s mining sector to boost employment, public coffers and diversify the economy. The country’s needs are many and Noboa recognizes that Ecuador needs the investment and wealth generation that mining can bring.

In a busy 18 months, his administration has overseen projects obtaining permits and signed tax stability agreements with several companies. It has also successfully negotiated a free trade agreement (“FTA”) with Canada, which includes an investment chapter, although without a mining-specific chapter.

Of particular note is that Noboa won in the mining provinces of Azuay, Bolivar, Cotopaxi, El Oro, Esmeraldas, Imbabura, Morona Santiago and Loja.

The positive scenario in Ecuador was quickly recognized by China’s mining giant CMOC (~US$21 billion market cap), which agreed to buy gold-copper developer Lumina Gold for C$581 million at a 71% premium in April for its Cangrejos deposit. China’s Jiangxi Copper also increased its investment into another Ecuador copper-gold developer, Solgold, becoming its largest shareholder with a 12% stake.

International lending agencies such as the World Bank (“WB”) and the International Monetary Fund (“IMF”) are keen for Ecuador to develop its natural resources and presumably be less dependent on loans. “WB and IMF both recently said that Ecuador should drive mining development,” Maria Eulalia Silva, president of Ecuador’s Mining Chamber said recently.

Silva said that Ecuador is no longer naïve when it comes to mining and the people can draw on the positive experience the country has had through the successful developments of Lundin Gold’s Fruta del Norte gold mine and Ecuacorriente’s Mirador copper mine, which both started production in 2019. The development of these two mines have seen Ecuador’s mining exports soar to become its fourth largest export, accelerating from US$275 million in 2018 to US$3.3B in 2023. Higher metal prices and more projects will see these continue to climb.

Silvercorp’s El Domo Project

Leading the charge to develop Ecuador’s next mine is Silvercorp Metals Inc. (TSX: SVM) (NYSE-A: SVM), whose El Domo project, which it will develop with local partner Salazar Resources (TSX.V: SRL), is poised to become Ecuador’s first new mine in nearly a decade. This was one of the projects that received its final permits from the Noboa administration in 2024, with the partners aiming to bring it into production by the end of 2026.

Located 150 km northeast of Guayaquil, the US$241-million development has a 2021 feasibility study that outlined a 10-year operation to produce an annual average of 24Mlb of copper, 26,000oz of gold, 26Mlb of zinc, 488,000oz of silver and 0.9Mlb of lead at an all-in sustaining cost of US$1.26/lb of copper equivalent.

El Domo, which was discovered by Salazar in 2008, hosts proven and probable reserves of 6.5 million tonnes grading 1.93% copper, 2.52g/t of gold, 2.49% zinc, 45.7g/t of silver and 0.25% lead, which makes it among the highest-grade copper-gold projects globally.

El Domo mine construction is fully financed through a US$175.5-million streaming deal that the previous owner, Adventus Mining, secured from Wheaton Precious Metals (TSX: WPM) (NYSE: WPM) (LSE: WPM), along with Silvercorp’s strong balance sheet, which has US$355 million in cash as of December 31, 2024.

Silvercorp, a proven mine builder and operator with a track record of success in China developing and operating low-cost mines, is now applying the same disciplined capital allocation, results-driven approach to the El Domo Project. In April, the company announced the budget for El Domo’s development of US$240.5 million, 3% below the US$247.6 million estimate in the 2021 feasibility, at a time when developers are battling inflation. The cost reduction stems from mine design optimization, lower equipment costs, and a unit-cost contract bidding strategy, resulting in US$32.6 million in direct cost saving. The latest budget also includes a larger contingency of US$31.9 million, up from US$22.0 million, providing additional flexibility.

Silvercorp’s ability to execute efficiently is not theoretical, it has already delivered. At one of its operations in China, the company completed a new tailings storage facility for just US$28 million, coming in well below the original $38 million budget. Silvercorp has also successfully carried out a mill expansion of comparable scale to El Domo on time and under budget. These accomplishments reflect a repeatable, disciplined execution model that Silvercorp is now bringing to Ecuador.

Construction is now underway with pit stripping and plant construction scheduled to commence in Q3 2025, and commissioning targeted in December 2026. Silvercorp has advanced detailed engineering for the tailings storage facility (“TSF”), saprolite waste dump, and water management system, and optimized designs for the open pit mine and process plant, and site access. It has also secured grid power through a powerline contract with the state-owned power company CNEL and is advancing on permitting and sourcing for standby diesel power generators for the dry season, when hydropower will be less available.

With work well underway and momentum building, Silvercorp is positioned to move rapidly through the development process to bring Ecuador’s next mine into production early in President Noboa’s second term at a time when the country needs mining most.

For more information about Silvercorp Metals, please visit silvercorpmetals.com/welcome.

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• Newton Golf’s new Fast Motion shaft exemplifies how a company can use innovation to sharpen its competitive edge.
• The Fast Motion shaft incorporates several proprietary technologies that Newton Golf has developed over time.
• This product launch is timely, as the golf equipment market continues to experience growth, driven by a surge in participation and a demand for premium gear.

Innovation has long been a driving force behind business growth, market disruption and brand longevity across nearly every sector of the global economy. In the world of sports equipment, few areas are as ripe for innovation as golf, where players are always seeking performance gains. Newton Golf Company (NASDAQ: NWTG) has seized this opportunity with the launch of its latest product: the Fast Motion shaft family (https://ibn.fm/9Z5jh). With this innovative new offering, the company aims to redefine performance standards and capitalize on the growing appetite for cutting-edge golf technology.

Companies that embrace forward-thinking ideas and invest in product development often find themselves ahead of the curve—delivering better solutions, improving customer satisfaction and achieving long-term profitability. The significance of innovation in business is underscored by numerous studies. According to McKinsey, 84% of executives believe innovation is critical for growth, and companies that prioritize innovation are 50% more likely to report market leadership. Furthermore, organizations that foster a culture of innovation are three times more likely to outperform competitors (https://ibn.fm/OSC6w).

Newton Golf’s new Fast Motion shaft exemplifies how a company can use innovation to sharpen its competitive edge. This latest addition to the Newton shaft lineup introduces a lighter-weight, high-performance alternative to existing models. Designed for golfers seeking increased distance and higher swing speeds, the Fast Motion shaft delivers these enhancements without compromising control or accuracy. In doing so, Newton continues to build on its strong reputation for combining advanced engineering with a deep understanding of player needs.

The Fast Motion shaft incorporates several proprietary technologies that Newton Golf has developed over time. These include the following:

• Elongated Bend Profile, which contributes to a smooth, consistent flex throughout the swing
• Kinetic Energy Storage, which optimizes energy transfer from the shaft to the ball
• Symmetry 360 Construction, providing stability in all directions
• Variable Bend Profile, which fine-tunes the release for better feel and control

With the Fast Motion shaft, Newton builds on these foundational technologies while introducing weight reduction through the use of ultralight, high-modulus Toray carbon fibers—materials known for their extraordinary strength-to-weight ratio and frequently used in aerospace and Formula 1 applications.

This product launch is timely, as the golf equipment market continues to experience growth, driven by a surge in participation and a demand for premium gear. According to the National Golf Foundation, more than 28.1 million people played golf on a course in the United States in 2024 — the highest number in over a decade (https://ibn.fm/kDzfs). The demand for quality equipment, especially in the aftermarket shaft category, has surged accordingly. Golfers of all skill levels are now investing in advanced gear that can help improve their game, and innovation is at the heart of that trend.

For Newton Golf, innovation has translated into tangible results. The company reported an 887% revenue increase in fiscal year 2024, largely driven by strong sales of its first-generation shaft lineup (https://ibn.fm/IzgnH). With the introduction of the Fast Motion shaft, Newton is poised to build on this momentum, targeting golfers who are eager to push the boundaries of performance while maintaining a high level of playability. The Fast Motion shaft was launched with widespread availability online and at fitting locations across the country, ensuring accessibility for players at all levels.

Newton’s innovative spirit is deeply rooted in its mission to “empower golfers with scientifically advanced tools that maximize consistency and accuracy, ensuring every swing is backed by the laws of physics.” The company’s product philosophy is based on rigorous testing, continuous refinement and a commitment to meeting the specific needs of today’s golfer. The Fast Motion shaft reflects these principles, demonstrating that innovation is not simply about newness but also delivering measurable improvements.

As competition in the golf equipment market intensifies, Newton Golf’s focus on innovation ensures that it won’t just keep pace—it will lead. The Fast Motion shaft is more than just a new product; it represents a larger vision for the company, one that prioritizes technological advancement, player-centric design, and a relentless pursuit of performance. In doing so, Newton Golf is carving out a position not only as a supplier of premium golf components but as an innovation leader in the industry.

For more information, visit www.NewtonGolfCo.com.

NOTE TO INVESTORS: The latest news and updates relating to NWTG are available in the company’s newsroom at https://ibn.fm/NWTG

• Total assets rose to $194 million as of March 31, 2025, as compared to the end of the last fiscal year, following a key acquisition.
• Revenue from the company’s independent power producer segment grew from $0.3 million to $6.6 million.
• This reflects the company’s focus on long-term income-generating assets, versus short-term engineering, procurement, and construction/project sales.
• During the third quarter, SolarBank executed several operational milestones that align with this longer-term focus.

Disseminated on behalf of SolarBank Corporation

SolarBank (NASDAQ: SUUN) (Cboe CA: SUNN) (FSE: GY2), a premier developer and owner of renewable and clean energy projects, specializing in distributed and community solar initiatives throughout Canada and the U.S., posted fiscal third-quarter results reflecting a sharp increase in total assets with a notable shift in its revenue model.

The company reported a 395% increase in assets, rising from $39.2 million as of June 30, 2024, to $194 million by March 31, 2025. This jump was primarily driven by the acquisition of Solar Flow-Through Funds Ltd., a strategic move that significantly expanded SolarBank’s asset base and supports its evolving business model as outlined in the Q3 update (https://ibn.fm/YIsC8).

SolarBank is transitioning from a model focused on up-front Engineering, Procurement, and Construction (“EPC”) and project sales, toward building a portfolio of long-term income-generating assets through its Independent Power Producer (“IPP”) segment. While this shift may reduce short-term revenue, the long-term aim is a stable and recurring revenue stream.

Evidence of this transition can be seen in the company’s IPP revenue, which rose to $6.6 million during the nine-month period ended March 31, up from just $0.3 million in the previous year.

During the third quarter, SolarBank executed several operational milestones. The company sold its 3.26 MW Camillus Solar Project to Solar Advocate Development LLC for $7.3 million USD. Though the project sale represents immediate revenue, it also reflects SolarBank’s role in originating and maturing assets for its pipeline.

It also broke ground on its first battery energy storage system (“BESS”) project in Ontario. The construction is backed by a $25.8 million project finance facility from the Royal Bank of Canada, marking a key step in its expansion into hybrid energy storage solutions.

In the U.S., SolarBank announced a partnership with Viridi, a provider of fail-safe BESS technology, for the development of a 3.06 MW solar project with a 1.2 MWh BESS component in Buffalo, New York.

The company further disclosed a financing mandate with infrastructure investor CIM Group. The deal could unlock up to $100 million USD in project-based financing for a U.S. solar power portfolio totaling 97 MW. The CIM transaction is expected to be non-dilutive and represents a potential step-change in the scale of SolarBank’s project financing.

This shift toward long-term revenue generation through power production and storage assets is a notable strategy for investors looking beyond traditional solar EPC companies. With growing demand for clean energy and increasing interest in hybrid solutions that include storage, SolarBank is positioning itself to participate more fully in the infrastructure side of the sector.

“SolarBank continues the growth of its independent power producer portfolio. The non-dilutive CIM transaction will provide up to US$100 million in equity capital for projects that will transform SolarBank’s independent power producer asset base, creating long-term revenues for years to come,” said CEO Dr. Richard Lu. “As discussed in prior quarters, this strategy means less short-term revenue from EPC and project sales, but will have the benefit of stable long-term recurring revenues.”

For more information, visit the company’s website at SolarBankCorp.com.

This report contains forward looking information. Please refer to the press release entitled “SolarBank Announces Third Quarter Results” for additional details on the information, risks and assumptions.

NOTE TO INVESTORS: The latest news and updates relating to SUUN are available in the company’s newsroom at https://ibn.fm/SUUN

The Cannabis Means Business Conference & Expo will be held on June 4-5, 2025, in New York City as a two-day B2B event. Formerly known as CWBExpo, CMB has been operational since 2015.

CMB highlights include:

• The pre-show workshops and rooftop party will be held on June 3, 2025.
• The Expo & Conference & O2VAPE Industry Yacht Party will be held on June 4
• The Expo & Conference & Women in Cannabis Business Luncheon will be held on June 5

CMB caters to the innovative, business, and creative needs of the vibrant cannabis industry in New York City. It offers tremendous growth and learning opportunities by connecting members of the cannabis community to interact and discover the latest trends and opportunities in the cannabis sector. Experts of global acclaim gather at the CMB events to discuss and share insights on the evolution and challenges faced by the cannabis industry. Participants can connect with the experts to get answers to their queries and expert advice on several topics. Industry stalwarts will conduct sessions to share insights on the latest regulatory and legal complexities. They also suggest viable solutions and effective strategies for the rapidly changing cannabis landscape. Thought leaders, innovators, and industry experts can showcase their knowledge and expertise to a crowd of enthusiasts from the cannabis spectrum.

Whoopi Goldberg, EGOT winner and entrepreneur, will make a special appearance at CMB for a live fireside chat and discuss her new hemp-derived THC mocktail, Whoop-Tea, created in partnership with Pure Genesis. Moderated by CNBC’s Tim Seymour, the conversation will explore Whoopi’s entry into the cannabis beverage space, her wellness vision, and the industry’s explosive growth.

CMB is renowned for providing an unparalleled platform for networking, education, and business development. With an expansive exhibit floor and a diverse slate of industry-leading speakers, CMB attendees can expect an array of educational sessions, workshops, and networking opportunities designed to address the complexities of operating within the regional, national, and global cannabis marketplace.

To learn more, please visit https://ibn.fm/1HdIw.

• Noble Capital Markets Research released a comprehensive analysis of Nicola Mining.
• Nicola distinguishes itself among junior mining companies by combining exploration potential with operational cash flow, report states.
• Noble report also noted the company’s “superb corporate governance,” led by CEO Peter Espig, former 20-year Goldman Sachs banker.

Nicola Mining (TSX.V: NIM) (OTCQB: HUSIF), a junior mining company based in British Columbia, has recently been the focus of a comprehensive analysis by Noble Capital Markets Research (https://ibn.fm/3CDHY). The report gave the company an “Outperform” rating and a 12-month price target of C$0.70 and US$0.50 per share while highlighting Nicola Mining’s diversified asset base and cash-generating operations as key factors supporting this valuation.

“Nicola Mining is a unique junior exploration company because it offers discovery potential through its ownership of its flagship New Craigmont Copper Project, ownership of the Treasure Mountain high-grade silver-lead-zinc mine, a 75% economic interest in the Dominion Creek gold project, along with 100% ownership of the only mill permitted to receive and process material from throughout British Columbia,” the report stated. The company’s Merritt Mill, along with a sand/gravel pit, rock quarry, and ready-mix cement plant, generates cash flow supporting Nicola’s operations and exploration programs, which minimizes the need for dilutive equity issuance.

The New Craigmont Copper Project is noted as Nicola Mining’s flagship asset. Located in the Quesnel Trough, one of Canada’s most prolific copper belts, the project is adjacent to Teck Resources’ Highland Valley Copper Mine, the largest copper mine in Canada. The historic Craigmont Mine, which operated on the property from 1961 to 1982, produced more than 36.75 million tons of ore with an average grade of 1.28% copper, yielding 900 million pounds of copper.

Nicola Mining has completed more than 18,000 meters of diamond drilling, along with extensive geological mapping and surveys. In 2024, the company completed a geophysical survey to define drill targets in the WP, MARB and CAS zones, which were later drilled. Two holes were drilled in the Embayment Zone, expanding the known mineralized areas. Results from the program suggest the potential for copper porphyry systems. The company has finalized targets for the 2025 drilling season, expected to begin in June.

In addition to New Craigmont, Nicola Mining owns 100% of the past-producing Treasure Mountain high-grade silver, lead and zinc underground mine, which has significant exploration potential and an active mining permit.

Nicola Mining’s Merritt Mill is a fully permitted facility capable of processing both gold and silver mill feed via gravity and flotation processes. The mill, along with the company’s sand and gravel pit and rock quarry, provides operational cash flow that supports exploration activities. This diversified revenue stream is seen as a strategic advantage, enabling the company to fund its operations while minimizing shareholder dilution.

The Noble report also noted the company’s “superb corporate governance,” led by CEO Peter Espig. “Espig has had an accomplished career as an investment banker and turnaround specialist and has held executive positions with Goldman Sachs and Olympus Capital,” the report stated. “Nicola benefits from a talented management team and board with relevant experience in mining, geology, and finance.”

Noble Capital Markets’ initiation of coverage on Nicola Mining reflects confidence in the company’s ability to leverage its assets and operational cash flow to advance its exploration projects. The combination of a strong management team, strategic asset portfolio and revenue-generating operations underpins the “Outperform” rating and the price target of C$0.70 and US$0.50 per share.

“Nicola distinguishes itself by offering investors significant discovery and value creation potential through its exploration activities at New Craigmont and Treasure Mountain while generating cash flows from the Merritt Mill, which processes ore from third parties, a sand and gravel pit, rock quarry, and ready-mix cement plant,” the report concluded. “These operations help fund Nicola’s operations and exploration activities while limiting the need to issue dilutive equity. While the flagship New Craigmont Copper Project is the company’s value driver, we think the company’s Treasure Mountain Project represents an opportunity to create value through M&A, divestiture, joint venture, or reopening the mine.”

For more information, visit www.NicolaMining.com.

NOTE TO INVESTORS: The latest news and updates relating to HUSIF are available in the company’s newsroom at https://ibn.fm/HUSIF

• The overuse and misuse of antibiotics have led to the emergence of antibiotic-resistant bacteria, posing a significant threat to public health.
• Soligenix’s SGX943 is a novel broad-spectrum therapy designed to treat bacterial infections without relying on conventional antibiotics.
• Preclinical studies have demonstrated the efficacy of SGX943 in various models of bacterial infection.

In the face of escalating antibiotic resistance, the medical community is urgently seeking alternative treatments for bacterial infections. Soligenix (NASDAQ: SNGX), a late-stage biopharmaceutical company, is at the forefront of this effort with its development of SGX943 (dusquetide), a novel broad-spectrum therapy designed to combat bacterial infections without relying on traditional antibiotics.

Antibiotics have been a cornerstone of modern medicine, effectively treating a wide range of bacterial infections. However, their overuse and misuse have led to the emergence of antibiotic-resistant bacteria, posing a significant threat to public health. According to the Centers for Disease Control and Prevention (“CDC”), at least 2.8 million people in the United States are infected with antibiotic-resistant bacteria annually, resulting in more than 35,000 deaths (https://ibn.fm/qjibe).

The challenge is compounded by the fact that antibiotics are often specific to certain types of bacteria, and their efficacy can be compromised by resistance mechanisms. Moreover, the development of new antibiotics has not kept pace with the rapid evolution of resistant strains, leaving clinicians with limited options for treatment. Globally, the World Health Organization (“WHO”) has identified antimicrobial resistance as one of the top ten public health threats facing humanity. The situation is dire: if left unaddressed, it is projected that antibiotic resistance could cause 10 million deaths per year by 2050, surpassing cancer as a leading cause of death (https://ibn.fm/vC6MQ).

It is within this context that alternative approaches to bacterial infection treatment have become critically important. Soligenix’s SGX943 represents one such approach that could change the paradigm. SGX943 is a novel broad-spectrum therapy designed to treat bacterial infections without relying on conventional antibiotics (https://ibn.fm/5RJFl). This promising therapy takes a fundamentally different approach by leveraging the body’s innate immune system rather than directly targeting pathogens, offering a powerful new tool in the fight against resistant bacterial infections.

Soligenix’s SGX943 therapy is based on dusquetide, an Innate Defense Regulator (“IDR”) that modulates the body’s immune response rather than directly targeting bacteria. By enhancing the innate immune system, SGX943 promotes the clearance of infections and reduces inflammation, offering a broad-spectrum approach to bacterial infections.

One of the key advantages of SGX943 is its ability to be effective regardless of the bacterial species involved. This means it can be administered before the specific pathogen is identified, providing a timely intervention in acute infections. Additionally, SGX943 can be used in conjunction with existing antibiotics, potentially enhancing their efficacy and mitigating the development of resistance.

Preclinical studies have demonstrated the efficacy of SGX943 in various models of bacterial infection, including those caused by antibiotic-resistant strains. Notably, the therapy has shown promise in treating melioidosis, a serious infection caused by Burkholderia pseudomallei, which is highly resistant to many antibiotics. The U.S. Food and Drug Administration (“FDA”) has granted Fast Track designation to SGX943 for the treatment of melioidosis, recognizing its potential to address an unmet medical need.

The rise of antibiotic-resistant bacteria underscores the critical need for innovative therapies that go beyond traditional antibiotics. Soligenix’s SGX943 offers a novel approach by harnessing the body’s innate immune system to fight infections, providing a versatile and potentially more effective treatment option. As the medical community continues to grapple with the challenges of antibiotic resistance, therapies like SGX943 represent a hopeful advancement in the fight against bacterial infections.

Headquartered in Princeton, New Jersey, Soligenix operates within the medical, biomedical and genetics sector. The company’s portfolio encompasses both specialized biotherapeutics and public health solutions, targeting areas with significant unmet medical needs. Among its leading candidates are HyBryte(TM) (SGX301), a photodynamic therapy for cutaneous T-cell lymphoma (“CTCL”), and SGX942 (dusquetide), designed to address oral mucositis in patients undergoing chemoradiation for head and neck cancer.

For more information, visit www.Soligenix.com.

NOTE TO INVESTORS: The latest news and updates relating to SNGX are available in the company’s newsroom at https://ibn.fm/SNGX

• Kadima Neuropsychiatry Institute is expected to become the clinical model for HOPE Therapeutics’ nationwide network of psychiatric clinics.
• The acquisition brings profitability and is expected to be accretive to both revenue and EBITDA.
• Kadima’s founder and medical director, Dr. David Feifel, a leader in interventional psychiatry, will join HOPE as Chief Medical Innovation Officer.
• NRx’s pipeline includes investigational drugs for suicidal bipolar depression and chronic pain.
• HOPE is targeting 30 clinic acquisitions by the end of 2025, projecting $100M in annual revenue.

NRx Pharmaceuticals (NASDAQ: NRXP), a clinical-stage biopharmaceutical company, and its wholly owned subsidiary HOPE Therapeutics, Inc., a medical and technology-driven company, are expanding their footprint in the mental health care sector with the acquisition of Kadima Neuropsychiatry Institute in La Jolla, California. The companies announced the signing of a definitive agreement to purchase the institute earlier in May 2025. Kadima is expected to serve as the clinical template for HOPE’s planned network of interventional psychiatry clinics across the U.S. (https://ibn.fm/uwHMj).

One of California’s flagship interventional psychiatry clinics, Kadima is recognized for integrating clinical care with research into emerging treatments such as psychedelic medications, and transcranial magnetic stimulation (“TMS”). The clinic offers a full range of treatments for suicidal depression, PTSD and other central nervous system (“CNS”) disorders. The institute was among the first in California to move ketamine treatments for mental health conditions out of academic research and into clinical settings.

According to the announcement, the acquisition will be accretive to revenue and EBITDA for both HOPE and NRx Pharmaceuticals. Kadima is currently profitable and expected to continue on a growth trajectory.

Dr. David Feifel, Kadima’s founder and medical director, will join HOPE as its first Chief Medical Innovation Officer after the acquisition closes. Dr. Feifel is widely regarded in the field of interventional psychiatry and has led numerous clinical trials targeting central nervous system disorders. His distinctions include serving as an elected member of the American College of Neuropharmacology, peer-elected inclusion in “Best Doctors in America,” and citation in the Castle Connolly list of “Top Doctors” — a recognition given to only 10 psychiatrists in San Diego. Dr. Feifel’s role at HOPE will be instrumental in shaping its clinical offerings and research integration.

The acquisition is still subject to customary closing conditions and financing. If completed, Kadima will become the first operational clinic under HOPE’s umbrella, setting the stage for additional acquisitions.

NRx Pharmaceuticals remains focused on the development of novel therapeutics for CNS conditions. The company’s lead compound, NRX-101, has been granted FDA Breakthrough Therapy Designation and is being developed for treatment-resistant bipolar depression with suicidality. The company is also pursuing development of NRX-100, a preservative-free IV ketamine formulation, for acute suicidality, which has received Fast Track status from the FDA.

The Kadima acquisition is part of HOPE’s broader plan to create a national network of interventional psychiatry clinics. The company aims to close on 30 such acquisitions by the end of 2025. HOPE projects $100 million in annual revenue and profitability by that time.

Commenting on the deal, Dr. Jonathan Javitt and Matthew Duffy, Co-CEOs of HOPE, said the signing of the definitive acquisition agreement marks a pivotal moment in the execution of the company’s strategy to redefine mental healthcare access and delivery of care. “Dr. David Feifel is a true pioneer in interventional psychiatry and we are honored to have him join our leadership team. With his guidance, we are accelerating the buildout of a world-class clinic network that integrates cutting-edge science with community-based care,” they said.

In addition to Kadima, HOPE has also announced agreements to acquire Dura Medical and signed a letter of intent with Neurospa TMS. These moves signal a push into outpatient psychiatric services at scale, a space seeing increased investor interest due to growing demand for mental health treatment options.

The strategy offers a dual approach to growth: a clinical-stage biotech company in NRx Pharmaceuticals, and a revenue-generating care delivery business in HOPE. The clinic network may also set the stage for a future spinout, offering NRx potential to unlock further shareholder value.

For more information, visit the company’s website at www.NRxPharma.com.

NOTE TO INVESTORS: The latest news and updates relating to NRXP are available in the company’s newsroom at https://ibn.fm/NRXP

• FAVO Capital has filed to uplist to Nasdaq, aiming to scale its private credit model
•  U.S. small business lending is drawing renewed policy attention amid fintech innovation
• FAVO strengthening strategic partnership with Stewards Investment Capital Limited through Series A equity Investment
• Recently announced the voluntary conversion of all outstanding Super Voting Series C Preferred Shares into common stock

As traditional banks retreat from Main Street, alternative lenders are stepping up to fill the gap, reshaping the $1.7 trillion small business lending market in the process. With policymakers calling for renewed focus on small business financing and digital platforms redefining borrower access, private credit firms like FAVO Capital (OTC: FAVO) are emerging as essential players in the financial ecosystem. Backed by scalable technology, a seasoned leadership team, and a growing syndication network, FAVO is positioning itself for outsized growth at the intersection of policy tailwinds, market demand, and digital transformation.

Strategic Uplisting to Accelerate Growth

FAVO, a private credit firm focused on small and medium-sized businesses (“SMBs”), is laying the groundwork for its next growth phase. In February, the company filed a Form S-1 with the U.S. Securities and Exchange Commission, a move that signals its intent to uplist to the Nasdaq Capital Market.

The planned uplisting is more than a capital markets milestone, it’s a reflection of FAVO’s commitment to long-term growth, financial transparency, and operational scale. According to the company, the proceeds from its initial public offering will be used to reduce high-cost debt, invest in strategic initiatives, and expand technology-driven infrastructure. This financial optimization could position FAVO to enhance profitability while accelerating national expansion.

Recently, FAVO announced on May 13, 2025, the voluntary conversion of all outstanding Super Voting Series C Preferred Shares into common stock. This strategic move simplifies the company’s capital structure and aligns voting rights with public market expectations, reflecting FAVO Capital’s commitment to transparency and governance best practices. The conversion is a proactive step as the company continues preparations for its planned uplisting to Nasdaq.

“Converting our Series C Super Voting Shares demonstrates our commitment to transparency, governance and best practices as well as long-term value creation,” stated Vincent Napolitano, CEO of FAVO Capital. “It’s another important step forward as we align our structure with shareholder and institutional investor expectations.”

In addition to FAVO’s advancement towards Nasdaq, the company recently secured an $8 million Series A Preferred equity investment from strategic partner Stewards Investment Capital. This funding aims to accelerate direct SMB funding, restructure debt notes, and expand embedded lending partnerships, reinforcing FAVO to expand its operations. Stewards Investment Capital, already a significant shareholder following a $37 million acquisition deal in 2023, continues to support FAVO’s growth trajectory in the U.S. private credit market.

Filling a Growing Void in the Lending Ecosystem

FAVO’s timing may prove fortuitous. A renewed push from policymakers, potentially including President Trump, suggests the commercial banking industry could face pressure to return to its lending roots. Amid calls for banks to step up small business lending, non-bank lenders like FAVO are already playing an outsized role in meeting underserved financing demand.

Traditional banks have deprioritized small business loans in favor of global markets, trading operations, and wealth management services. As a result, a lending gap has formed in the U.S. market, where small businesses – those with fewer than 500 employees – make up nearly half of all economic activity. FAVO Capital is part of a new wave of alternative lenders stepping in to bridge this divide.

With more than $140 million funded to over 10,000 businesses since inception, FAVO brings real scale and momentum to this market. If regulatory or political changes make traditional lenders even slower to respond, private credit firms with flexible underwriting and tech-enabled operations could see demand surge.

Tech-Driven Efficiency Meets Real-World Impact

At the heart of FAVO’s competitive advantage is its technology-focused lending model. The company continues to build and refine its proprietary CRM platform, which enables efficient underwriting, customer service, and deal syndication. In a digital-first lending landscape, that infrastructure is essential, not just for cost efficiency, but for maintaining relationships with borrowers in real time.

According to industry insights, digital lending platforms have become central to the evolution of the private credit market. Their ability to process data, personalize loan structures, and streamline approvals gives them a clear edge over legacy systems. FAVO is investing in these capabilities while maintaining its human-centric service approach, combining fintech innovation with the high-touch needs of SMB borrowers.

This hybrid model, combined with the firm’s existing footprint and syndication track record, puts it in a strong position to scale as economic conditions stabilize and capital becomes more accessible.

A Compelling Play on Lending Resurgence

FAVO’s leadership team sees the uplisting as a key inflection point. By enhancing liquidity, improving investor access, and optimizing its cost of capital, the company is positioning itself for long-term relevance in an evolving private credit environment.

As big banks face political pressure to revisit their role in small business lending—and as digital lenders continue to grow in popularity—FAVO’s model stands at the crossroads of policy, technology, and capital market readiness. Investors looking for exposure to the future of private credit may find FAVO to be an early-stage player with meaningful traction and significant upside.

For more information, visit the company’s website at FavoCapital.com.

NOTE TO INVESTORS: The latest news and updates relating to FAVO are available in the company’s newsroom at https://ibn.fm/FAVO

• Intelligent Bio Solutions remains on track for a 2025 U.S. launch of its non-invasive Intelligent Fingerprinting Drug Screening System.
• The company’s FDA 510(k) submission included validation studies showing 94.1% accuracy in detecting opiates through fingerprint sweat.
• INBS is already active in 24 countries, with over 450 commercial accounts globally, and adoption growing across diverse industries, including logistics, mining, retail, and marine operations.
• The firm is expanding its distributor network to support localized growth ahead of its U.S. market entry.

Intelligent Bio Solutions (NASDAQ: INBS), a medical technology company specializing in rapid, non-invasive testing solutions, is preparing for its expected U.S. launch in 2025, as it is progressing through the FDA clearance process for its Intelligent Fingerprinting Drug Screening System. The non-invasive device, which detects recent drug use via fingerprint sweat, is gaining international traction for its speed, portability, and ability to integrate into a range of safety-critical environments.

On Dec. 18, 2024, INBS submitted a 510(k) premarket notification to the U.S. Food and Drug Administration, seeking clearance for its opiate test system for codeine (https://ibn.fm/YVRNE). The FDA classified the system as a Class II medical device, which requires this form of submission. As of March 2025, the FDA has issued an Additional Information (“AI”) request, a standard part of the review process that pauses the 90-day review clock while the company prepares its response.

The 510(k) filing includes data from method comparison and pharmacokinetic studies. INBS reported a 94.1% accuracy rate in its performance evaluations and emphasized that fingerprint sweat provides a viable and statistically consistent alternative to blood for drug detection. According to the company, these findings support its plans to launch the platform in the U.S. and expand the system’s testing panel to additional drug classes over time.

“We appreciate the thoroughness of the FDA’s process, which aligns with our expectations. As we await FDA clearance, we remain confident in the strength of our data, which demonstrates the accuracy, reliability, and usability of our technology,” said Harry Simeonidis, President and CEO of INBS. “We are actively preparing for our planned U.S. launch in 2025, where we see significant opportunities to revolutionize drug screening with our non-invasive, rapid testing solution.”

Outside the U.S., INBS continues to expand its commercial footprint, reflecting rising global demand for drug screening technologies that can deliver fast, reliable results without the logistical challenges of traditional methods. As of May 2025, the company reported more than 450 active accounts across 24 countries, with 35 new clients added in the third fiscal quarter alone (https://ibn.fm/CgnKV).

Growth is being driven by industries where on-site, rapid testing is critical. INBS has seen adoption in sectors including transportation, engineering, logistics, mining, and, most recently, luxury marine operations in Europe. In Australia, the technology has gained traction in remote testing programs, waste management, and retail, including implementation by a major e-commerce brand.

To support expansion, INBS is building out its distributor network, which now spans 19 countries through 18 regional partners. The company is also preparing to offer collected testing services, aimed at organizations that require centralized testing capacity for high volumes.

The fingerprint-based screening system delivers results in under ten minutes and does not require specialist medical personnel to administer. This ease of use, combined with its compact form factor and accuracy, makes it attractive to organizations managing distributed or mobile workforces.

Doug Heath, INBS’s Vice President of Global Sales, said the technology is resonating with clients seeking a simpler and faster alternative to traditional urine or saliva tests. “Traditional testing methods aren’t keeping up with operational demands – our solution is,” Heath said. “Industries are moving quickly to adopt a system that’s fast, diverse in its capabilities, and easy to implement.”

For more information, visit the company’s website at https://ibs.inc.

NOTE TO INVESTORS: The latest news and updates relating to INBS are available in the company’s newsroom at https://ibn.fm/INBS