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Why NeuroBo Pharmaceuticals, Inc. (NRBO) stock rallied today?

Shares of the NeuroBo Pharmaceuticals, Inc. (NRBO) stock rallied today on October 13, 2021. The stock became bullish after it announced a positive recommendation from the independent data safety monitoring committee of phase 2/3 clinical trial of ANA001 in patients with moderate to severe coronavirus. NRBO stock price saw a push of 9.24% to reach $2.01 a share at the time of this writing. The stock was gloomy in the previous trade and went down by 1.08% at closing. Let’s deep dive to explore more of it.

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What’s Happening?

The independent Data Monitoring Committee (DMC) reviewed safety data from 36 patients that got treatment under the Phase 2/3 clinical trial of NeuroBo’s lead drug candidate, ANA001. The product is the oral niclosamide formulation intended as the treatment for the Coronavirus. After reviewing the data from the phase 2/3 clinical trial of ANA001, the DMC responded positively and recommended the continuation of the trial. The committee asked for no modification in the treatment so far.

The purpose of the two-part phase 2/3 multi-center, double-blind, placebo-controlled study is to evaluate the tolerability, safety, and efficacy of ANA001. Patients with moderate to severe COVID-19 received ANA001 for one week period in both phases of the study. NRBO stock expects to enroll 60 patients in the phase 2 part of the trial which will primarily evaluate the safety and tolerability of the drug. NRBO stock will enroll several hundred patients in the phase 3 part of the trial.

Registered Direct Offering by NRBO stock:

Back in the previous week on October 05, 2021, NRBO stock did announce the closing of the previously announced registered direct offering of 4,307,693 shares of its common stock. The per-share purchase price under this offering was $3.25. In a concurrent private placement, the NRBO stock issued unregistered warrants to purchase up to 4,307,693 shares of its common stock to the investors in the registered direct offering. The exercise price of warrants has $3.75 per share and will be exercisable after six months of the issuance for a three- and half-year term from the issuance date. NRBO stock receive net proceeds of $12.7 million after deducting placement agent fees and other offering related expenses.

About NRBO stock:

NeuroBo Pharmaceuticals, Inc is the clinical-stage biotech stock that is fighting against coronavirus, neurodegenerative, and cardiometabolic diseases. Its lead product candidate is ANA001 for the treatment of moderate to severe Covid-19 patients and NB-01 for diabetic neuropathy, NB-02 for cognitive impairment. The company was founded in 2017 and its headquarters are in Boston, Massachusetts.

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