The non‐steroidal anti‐inflammatory drug flurbiprofen is a selective amyloid lowering agent which has been studied clinically in Alzheimer’s disease. HCT‐1026 is an ester prodrug of flurbiprofen incorporating a nitrate carrier moiety that in vivo provides NO bioactivity and an improved safety profile. In vitro, HCT‐1026 retained the cyclooxygenase inhibitory and non‐steroidal anti‐inflammatory drug activity of flurbiprofen, but at concentrations at which levels of amyloid‐β 1–42 amino acid were lowered by flurbiprofen, amyloid‐β 1–42 amino acid levels were elevated 200% by HCT‐1026. Conversely, at lower concentrations, HCT‐1026 behaved as a selective amyloid lowering agent with greater potency than flurbiprofen. The difference in concentration–responses between flurbiprofen and HCT‐1026 in vitro suggests different cellular targets; and in no case did a combination of nitrate drug with flurbiprofen provide similar actions. In vivo, HCT‐1026 was observed to reverse cognitive deficits induced by scopolamine in two behavioral assays; activity that was also shown by a classical nitrate drug, but not by flurbiprofen. The ability to restore aversive memory and spatial working and reference memory after cholinergic blockade has been demonstrated by other agents that stimulate NO/cGMP signaling. These observations add positively to the preclinical profile of HCT‐1026 and NO chimeras in Alzheimer’s disease.