BOSTON, Nov. 4, 2021 /PRNewswire/ -- NeuroBo
Pharmaceuticals, Inc. (Nasdaq: NRBO), a clinical-stage
biotechnology company focused on developing and commercializing
multimodal disease-modifying therapies for viral, neuropathic and
neurodegenerative diseases, today announced that the Company has
appointed Gil Price, M.D. as
President and Chief Executive Officer. Dr. Price will replace Dr.
Richard J. Kang, Ph.D., who is
stepping down later this month to pursue other opportunities, while
remaining on the Board of Directors. In the interim, Dr. Price will
serve as the Chief Medical Officer of the Company. Dr. Kang
has also agreed to continue to serve on the NeuroBo Board of
Directors and consult for NeuroBo for a period of up to one year in
order to help ensure an orderly transition.
"Dr. Price is a seasoned biotech executive and entrepreneur with
extensive experience across clinical asset investment strategy,
evaluation, financing and execution. We are delighted to welcome
him to the NeuroBo team," stated Douglas J.
Swirsky, Chairman of the Board of NeuroBo. "We look forward
to benefitting from Dr. Price's broad and deep industry expertise
as we progress our lead program toward Phase 3 clinical studies in
COVID-19 and further establish our corporate and clinical strategy
to build NeuroBo into a leading biotechnology company, advancing a
pipeline of multi-modal disease modifying therapies that address a
variety of today's unmet medical needs.
"We thank Dr. Kang for his contributions in helping us build
NeuroBo to this important juncture in its growth trajectory, wish
him much success in his endeavors, and look forward to continuing
our work with him as both a consultant and a valuable member of our
board," added Mr. Swirsky.
"I look forward to joining the NeuroBo team and to collaborating
with management and the Board on translating our exciting research
into breakthrough therapies that help patients in need," said Dr.
Price. "We have a unique opportunity to shape NeuroBo into a
leading biotechnology company and I am confident that I can bring
my collective experiences to bear, along with my colleagues', to
make our vision a reality."
Since 2017, Dr. Price has served as Chief Medical Officer of the
pharmacovigilance team of ProPharma Group, a global industry leader
in comprehensive compliance services that span the entire lifecycle
of pharmaceuticals, biologics, and devices. He previously served as
Chief Executive Officer and Chief Medical Officer of Drug Safety
Solutions, Inc., a provider of solutions for clinical and drug
safety operations, from 2002 until its acquisition by ProPharma
Group in 2017. From 1997 to 2002, Dr. Price was the Director of
Clinical Development for Oncology at MedImmune, Inc., which is now
the biologics subsidiary of AstraZeneca plc. Prior to joining
MedImmune, Dr. Price worked in the contract research organization
sector. Dr. Price began his pharmaceutical career at Glaxo Inc.,
(now GlaxoSmithKline plc) where he worked for nearly nine years in
both the commercial and research divisions of that company.
From 2007 to 2016, Dr. Price served on the board of directors of
Sarepta Therapeutics, Inc., a publicly traded commercial-stage
biopharmaceutical company focused on the discovery and development
of unique RNA-targeted therapeutics for the treatment of rare
neuromuscular diseases. Dr. Price is a clinical physician trained
in internal medicine and is a former member of the American Medical
Association, the Academy of Pharmaceutical Physicians and the
American Society for Microbiology. Dr. Price received a B.A.
from the University of Rio Grande and a
M.D. from the University of Santiago.
Inducement Grant
NeuroBo today also announced that, on November 2, 2020, the independent members of its
Board of Directors approved an inducement award to Dr. Price of an
option to purchase 616,666 shares of common stock. The option has
an exercise price of $2.04 per share,
the closing price of NeuroBo's common stock on November 3, 2021 (the "Grant Date") and vests as
to 266,666 of the shares underlying the stock option on the first
anniversary of the Grant Date and as to the remaining 350,000 of
the shares on the second anniversary of the Grant Date (so long as
Dr. Price remains the President and CEO at that date). The
option has a ten-year term and is subject to the terms and
conditions of the NeuroBo Pharmaceuticals, Inc. 2021 Inducement
Plan (the "Inducement Plan") and the stock option agreement
pursuant to which the option was granted. The equity award
was approved in accordance with NASDAQ Listing Rule 5635(c)(4),
which also requires a public announcement of equity awards that are
not made under a stockholder approved equity plan.
The Inducement Plan is used exclusively for the grant of equity
awards to individuals who were not previously an employee or
non-employee director of NeuroBo (or following a bona fide period
of non-employment), as an inducement material to such individual's
entering into employment with NeuroBo, pursuant to Rule 5635(c)(4)
of the Nasdaq Listing Rules.
About NeuroBo Pharmaceuticals
NeuroBo Pharmaceuticals, Inc., a clinical-stage biotechnology
company focused on developing and commercializing multi-modal
disease-modifying therapies for viral, neuropathic, and
neurodegenerative diseases, has a current portfolio of four
drug candidates. The company's recently acquired ANA001 candidate
is a proprietary oral niclosamide formulation in development as a
treatment for patients with COVID-19. Niclosamide has antiviral and
anti-inflammatory properties, and a well-understood safety profile
in humans. ANA001 is currently being studied in a 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 the global COVID-19 crisis, a planned Phase 3
study of NB-01 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. The
company's fourth program, Gemcabene, was previously being developed
for the treatment of dyslipidemia, a serious medical condition that
increases the risk of life-threatening cardiovascular disease.
Gemcabene is currently being assessed as an acute treatment for
COVID-19.
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 failure to
obtain all of the benefits or recognize all of the synergies
anticipated from the ANA acquisition; the integration of ANA
potentially diverting management resources from operational matters
and other strategic opportunities; the effect of future milestone
payments and royalties specified in the ANA acquisition agreement
on the results of operations and financial position of NeuroBo; 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, including with respect to ANA001
and Gemcabene; the timing of the availability of data from
NeuroBo's clinical trials, including with respect to ANA001 and
Gemcabene; 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, including
ANA001 and Gemcabene; 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
Securities and Exchange Commission 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.
Contact:
Rx Communications Group
Michael Miller
+1-917-633-6086
mmiller@rxir.com
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SOURCE NeuroBo Pharmaceuticals, Inc.