BOSTON, April 21, 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 on March 17, 2020 the United States Patent and
Trademark Office issued Patent No. 10,588,927 B2, entitled,
"Composition Containing Mixed Extract of Mulberry and Poria
Cocos Peel."
The patent covers the extract of a mixture containing mulberry
and Poria cocos peel, which are the active ingredients
contained in the composition, at a certain ratio or a method of
treating a degenerative neurological disease using the extract. The
extract has memory improving activity through the inhibition of
acetylcholine esterase, and neuroprotective effects and neuron
protection by inhibiting the formation of beta amyloid and tau
phosphorylation and promoting NGF production.
"The issuance of this U.S. patent further strengthens NeuroBo
Pharmaceuticals' intellectual property position and, notably, comes
closely on the heels of the similar patent issued to us by the
European Patent Office in February of this year," stated
Richard J. Kang, Ph.D., President
and Chief Executive Officer of the company. "As important, this
additional composition patent validates our position that NB-02, in
development for Alzheimer's disease and other dementias, may be
useful as a pharmaceutical for preventing or treating degenerative
neurological diseases."
Dr. Kang continued, "Our recently announced $7.5 million financing, when combined with
current cash on hand, will allow us to submit an Investigational
New Drug (IND) application to the U.S. Food and Drug Administration
for NB-02 and to initiate a Phase 1 trial when global health and
macroeconomic conditions improve. We look forward to moving ahead
with this program in order to further explore its considerable
promise as a neuroprotective agent, which has been demonstrated in
extensive preclinical studies. If successful, we believe that NB-02
could drive a paradigm shift in the treatment of Alzheimer's
disease and other neurodegenerative disorders."
About NeuroBo Pharmaceuticals
NeuroBo Pharmaceuticals, Inc. is focused on novel treatments for
neurodegenerative and cardiometabolic 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. Due to global COVID-19 crisis, a planned
Phase 3 study is currently postponed. In the interim, NeuroBo is
exploring a nutraceutical pathway targeting chronic pain. NeuroBo's
IND-ready 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. The
company is also exploring an orphan drug pathway for NB-02. The
company's third program, gemcabene, is focused on developing and
commercializing therapies for the treatment of dyslipidemia, a
serious medical condition that increases the risk of
life-threatening cardiovascular disease.
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 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: 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. These forward-looking statements should not be relied upon as
representing NeuroBo's views as of any date subsequent to the date
hereof.
Contacts:
Rx Communications Group
Melody
Carey
+1-917-322-2571
mcarey@rxir.com
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SOURCE NeuroBo Pharmaceuticals, Inc.