Nasus Pharma Secures $15M to Advance Needle-Free Anaphylaxis Treatment

TEL AVIV – February 13, 2026 – Nasus Pharma Ltd. (NYSE: NSRX) has successfully closed a $15 million private placement, a significant capital infusion aimed at accelerating the development of its flagship product, a needle-free epinephrine nasal powder for severe allergic reactions. The financing provides a critical runway for the company to advance its lead candidate, NS002, toward a pivotal study and potential submission for regulatory approval, signaling growing confidence in alternatives to traditional auto-injectors.

The financing, which saw participation from new and existing institutional investors, involved the sale of 2,695,425 ordinary shares and accompanying warrants. The combined purchase price of $5.565 per share and warrant was set at a premium to the stock's recent closing price, reflecting strong investor belief in the company's technology and market strategy.

“We believe this financing strengthens our balance sheet as we advance NS002, our powder-based intranasal epinephrine product candidate, towards a pivotal study and New Drug Application (‘NDA’) submission,” said Dan Teleman, Chief Executive Officer of Nasus Pharma. He emphasized the broader vision, stating, “NS002 is an important step in demonstrating the potential of our platform, and beyond this program we are focused on applying our proprietary intranasal technology across additional therapeutic areas.”

Fueling a Needle-Free Future

For decades, individuals at risk of anaphylaxis—a life-threatening allergic reaction—have relied on epinephrine auto-injectors like the EpiPen. While effective, these devices present challenges, including needle phobia, which can cause hesitation during a critical emergency, potential for user error, and issues with portability and compliance. Nasus Pharma aims to address these significant unmet needs with NS002.

The product utilizes the company's proprietary Powder-Based Intranasal (PBI) technology, also known as the Nasax® Platform. This system is designed for rapid drug delivery by leveraging the nasal cavity's rich vascular network for quick absorption into the bloodstream, bypassing the digestive system and first-pass liver metabolism. The formulation uses uniform spherical powder particles, which preclinical and clinical data suggest can provide a faster and higher absorption profile compared to liquid-based nasal sprays or even intramuscular injections.

The device itself, Aptar Pharma’s Unidose nasal powder delivery system, is designed for simplicity. It’s a single-use, intuitive device that can be administered easily, a crucial feature in a high-stress emergency situation. This combination of an advanced powder formulation and a user-friendly device is at the core of the company's strategy to capture a share of the burgeoning anaphylaxis treatment market, which is projected to grow from approximately $3.37 billion in 2024 to over $6.2 billion by 2033.

Clinical Data Shows a Competitive Edge

The investor confidence reflected in the recent financing is bolstered by promising clinical data. In January 2026, Nasus Pharma announced positive interim results from its ongoing Phase 2 study of NS002. The findings showed that the intranasal powder not only met but exceeded the performance of the 0.3 mg EpiPen on several key pharmacokinetic metrics.

Crucially, 91% of participants who received NS002 reached the therapeutic plasma threshold of 100 pg/ml within just five minutes, compared to 67% of those who used the EpiPen. The nasal powder also achieved a higher mean peak plasma concentration (Cmax) of 655 pg/ml versus the EpiPen's 548 pg/ml. Furthermore, the time to reach that peak concentration (Tmax) was significantly faster for NS002, averaging 10.8 minutes compared to 15 minutes for the intramuscular injection. These results, which build on positive data from a Phase 2 study published in The Journal of Allergy and Clinical Immunology (Global) in June 2025, suggest that NS002 could offer a faster-acting response in a life-or-death scenario.

The company is not without competition in the needle-free space. ARS Pharma’s Neffy, a liquid epinephrine nasal spray, received FDA approval in August 2024, validating the regulatory pathway and market demand for non-injectable options. However, Nasus Pharma believes its powder-based technology offers distinct advantages in absorption and stability, which it hopes to prove in its upcoming pivotal study, planned to initiate in the fourth quarter of 2026.

A Platform Poised for Broader Impact

While NS002 is the company's most advanced candidate, the $15 million financing is also intended to support the expansion of its broader pipeline. The PBI platform's potential extends far beyond anaphylaxis. The company is developing other intranasal powder products for acute conditions where rapid drug delivery is paramount.

Nasus Pharma's pipeline includes NS001, a nasal naloxone candidate for opioid overdose, as well as preclinical programs targeting cardiovascular conditions (NS005), metabolic disorders (NS004), and nausea and vomiting (NS003). This multi-pronged approach demonstrates the versatility of the PBI technology and represents a long-term strategy to create a portfolio of needle-free solutions for various acute medical needs.

The successful private placement, led by Citizens Capital Markets and Laidlaw & Company (UK) Ltd., provides the necessary capital to execute this strategy. Eyal Rubin, the company's Chief Financial Officer, expressed gratitude for the robust backing. “We are grateful for the strong participation from both new and existing investors including leading institutional investors, in this financing,” Rubin stated. “The proceeds from this private placement are expected to significantly strengthen our balance sheet and provide funding visibility across our planned operations and development activities.”

With fresh capital, compelling clinical data, and a clear path forward, Nasus Pharma is positioned to challenge the standard of care in emergency medicine, starting with its ambitious plan to offer a faster, simpler, and needle-free option for the millions of people living with the risk of anaphylaxis.