BOSTON, April 16, 2020 /PRNewswire/ -- NeuroBo
Pharmaceuticals, Inc. (Nasdaq: NRBO), a clinical-stage
biotechnology company focused on developing and commercializing
multimodal, disease-modifying therapies for neurodegenerative and
cardiometabolic diseases, today announced that it has closed its
previously announced registered direct offering of 750,000 shares
of its common stock at a price of $10.00 per share, for aggregate gross proceeds of
approximately $7.5 million. The
Company intends to use the net proceeds from this offering for
working capital, capital expenditures and general corporate
purposes.
H.C. Wainwright & Co. acted as the exclusive placement agent
for the offering.
The shares of common stock were offered by NeuroBo pursuant to a
"shelf" registration statement on Form S-3 (File No. 333-220315)
previously filed with the Securities and Exchange Commission (the
"SEC") on September 1, 2017 and declared effective by the
SEC on September 12, 2017. The offering of the securities
was made only by means of a prospectus, including a prospectus
supplement, forming a part of the effective registration statement.
A final prospectus supplement and accompanying prospectus relating
to the shares of common stock being offered was filed with the
SEC. Electronic copies of the final prospectus supplement and
accompanying prospectus may be obtained on the SEC's website
at http://www.sec.gov or by contacting H.C.
Wainwright & Co., LLC at 430 Park Avenue, 3rd
Floor, New York, NY 10022, by phone at (646) 975-6996 or
e-mail at placements@hcwco.com.
This press release shall not constitute an offer to sell or a
solicitation of an offer to buy these securities, nor shall there
be any sale of these securities in any state or other jurisdiction
in which such offer, solicitation or sale would be unlawful prior
to the registration or qualification under the securities laws of
any such state or other jurisdiction.
About NeuroBo Pharmaceuticals
NeuroBo Pharmaceuticals, Inc. is focused on novel treatments for
neurodegenerative diseases affecting millions of patients
worldwide. The company's multimodal approach has the potential to
address the multiple underlying mechanisms of neurodegenerative
diseases, alleviate symptoms and slow disease progression. The
company's lead drug candidate, NB-01, for the treatment of painful
diabetic neuropathy (PDN), has been shown in a Phase 2 study to
significantly reduce pain symptoms associated with PDN with a
superior safety profile when compared to currently available
treatments. NeuroBo's second drug candidate, NB-02, is focused on
the treatment of Alzheimer's disease and neurodegenerative diseases
associated with the pathological dysfunction of tau proteins in the
brain.
NeuroBo Pharmaceuticals was jointly founded by Dr. Roy
Freeman, professor of neurology at Harvard Medical
School and renowned expert in neuropathic pain, and JK
BioPharma Solutions, a biotechnology consulting company, to
commercialize natural product-based research into ethical
medicines. For more information,
visit: https://www.neurobopharma.com/.
Forward Looking Statements
Any statements in this press release that are not statements of
historical fact constitute forward-looking statements within the
meaning of The Private Securities Litigation Reform Act of 1995, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. These statements include, but are not limited to,
statements regarding the intended use of net proceeds from the
registered direct offering as well as the development of NeuroBo's
product candidates and the therapeutic potential, timing and nature
of clinical trials and potential regulatory approval of NeuroBo's
clinical programs and pipeline. Forward-looking statements are
usually identified by the use of words, such as "believes,"
"anticipates," "expects," "intends," "plans," "may," "potential,"
"will," "could" and similar expressions. Actual results may differ
materially from those indicated by forward-looking statements as a
result of various important factors and risks. These factors, risks
and uncertainties include, but are not limited to: market and other
conditions, the occurrence of health epidemics or contagious
diseases, such as COVID-19, and potential effects on NeuroBo's
business, clinical trial sites, supply chain and manufacturing
facilities; NeuroBo's ability to continue as a going concern; the
timing of completion of NeuroBo's planned clinical trials; the
timing of the availability of data from NeuroBo's clinical trials;
NeuroBo's plans to research, develop and commercialize its current
and future product candidates, including the potential alternative
pathways for NB-01; NeuroBo's ability to successfully collaborate
with existing collaborators or enter into new collaborations and to
fulfill its obligations under any such collaboration agreements;
the clinical utility, potential benefits and market acceptance of
NeuroBo's product candidates; the impact of government laws and
regulations; NeuroBo's ability to protect its intellectual property
position; and NeuroBo's need for additional financing to fulfill
its stated goals; and other factors discussed in the "Risk Factors"
section of NeuroBo's Annual Report on Form 10-K filed with the SEC
on or about the date hereof. In addition, the forward-looking
statements included in this press release represent NeuroBo's views
as of the date hereof. NeuroBo anticipates that subsequent events
and developments will cause its views to change. However, while
NeuroBo may elect to update these forward-looking statements at
some point in the future, NeuroBo specifically disclaims any
obligation to do so, except as required by law. These
forward-looking statements should not be relied upon as
representing NeuroBo's views as of any date subsequent to the date
hereof.
Contact:
Rx Communications Group
Melody Carey
+1-917-322-2571
mcarey@rxir.com
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SOURCE NeuroBo Pharmaceuticals, Inc.