NeuroBo Pharmaceuticals, Inc. (Nasdaq: NRBO), a clinical-stage biotechnology company, today announced the closing of its previously announced private placement of an aggregate 2,500,000 shares of its common stock and warrants to purchase up to an aggregate of 2,500,000 shares of its common stock. Each share and corresponding warrant is being sold at an aggregate purchase price of $4.00 for gross proceeds to the Company of $10.0 million. The warrants have an exercise price of $6.03 per share, are exercisable commencing six months following the issuance date and have a term of five and one-half years.
After deducting the placement agent's fees and other estimated offering expenses to be paid by the Company, the Company received net proceeds of approximately $9.2 million. The Company intends to use the net proceeds for working capital, capital expenditures and general corporate purposes.
H.C. Wainwright & Co. acted as the exclusive placement agent for the offering.
About NeuroBo Pharmaceuticals
NeuroBo Pharmaceuticals, Inc., a clinical-stage biotechnology company focused on developing and commercializing multimodal, disease-modifying therapies for neurodegenerative and cardiometabolic diseases, has a current portfolio of four drug candidates. The company's recently acquired ANA-001 candidate is a proprietary oral niclosamide formulation in development as a treatment for patients with moderate to severe COVID-19 (patients not requiring ventilators). Niclosamide is a potential oral antiviral and anti-inflammatory agent with a long history of use and a well-understood safety profile in humans. ANA-001 is currently being studied in a 60-subject Phase 2/3 clinical trial conducted at up to 20 clinical sites in the U.S. Niclosamide has demonstrated both antiviral and immunomodulatory activity with possible downstream effects on coagulation abnormalities observed in COVID-19. The company's NB-01 candidate has been shown in a Phase 2 study to significantly reduce pain symptoms associated with painful diabetic neuropathy (PDN), with a superior safety profile when compared to currently available treatments. Due to global COVID-19 crisis, a planned Phase 3 study was postponed. In the interim, NeuroBo is exploring a potential orphan drug indication targeting chronic pain for NB-01. NeuroBo's NB-02 drug candidate is focused on the treatment of Alzheimer's disease and neurodegenerative diseases associated with the pathological dysfunction of tau proteins in the brain. In addition, the Company's Gemcabene product candidate was developed for the treatment of dyslipidemia, a serious medical condition that increases the risk of life-threatening cardiovascular disease.
For more information visit: https://www.neurobopharma.com.
