BOSTON, Jan. 19, 2021 /PRNewswire/ -- NeuroBo
Pharmaceuticals, Inc. (Nasdaq: NRBO), a clinical-stage
biotechnology company, today announced that it has entered into
securities purchase agreements with certain institutional and
accredited investors to raise $10.0
million through the issuance 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 common stock, at a purchase price
of $4.00 per share of common stock
and associated warrant in a private placement. The closing of the
private placement is expected to occur on or about January 21, 2021, subject to satisfaction of
customary closing conditions.
H.C. Wainwright & Co. acted as the exclusive placement agent
for the offering.
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.
The Company intends to use the net proceeds for working capital,
capital expenditures and general corporate purposes.
The offer and sale of the foregoing securities are being made in
a transaction not involving a public offering and have not been
registered under the Securities Act of 1933, as amended (the
"Securities Act"), or applicable state securities laws.
Accordingly, the securities may not be reoffered or resold in
the United States except pursuant
to an effective registration statement or an applicable exemption
from the registration requirements of the Securities Act and such
applicable state securities laws.
Under an agreement with the investors, the Company is required
to file an initial registration statement with the Securities and
Exchange Commission covering the resale of the shares of common
stock to be issued to the investors no later than January 25, 2021 and to use its best efforts to
have the registration statement declared effective as promptly as
practical thereafter, and in any event no later than 90 days after
today in the event of a "full review" by the Securities and
Exchange Commission.
This press release does not constitute an offer to sell or the
solicitation of an offer to buy any securities, nor shall there be
any sale of the securities in any state in which such offer,
solicitation or sale would be unlawful prior to the registration or
qualification under the securities laws of such state.
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.
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 completion of the private placement, the
satisfaction of customary closing conditions related to the private
placement and the intended use of net proceeds from the private
placement 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: the timing, size
and completion of the private placement, 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 with respect to ANA-001;
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 and in our other
filings with the Securities and Exchange Commission. 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
Michael Miller
+1-917-633-6086
mmiller@rxir.com
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SOURCE NeuroBo Pharmaceuticals, Inc.