NeuroBo Pharmaceuticals, Inc. (NRBO) is a clinical stage biopharmaceutical company focused on the formation of the therapies related to viral, neuropathic and neurodegenerative diseases. NRBO has four potential drug candidates. ANA001 is an oral niclosamide formulation used in treatment for patients with COVID-19 and is under Phase 2/3 clinical trial. NB-01 as tested in Phase 2 trial, significantly reduces the inflammation in patients with painful diabetic neuropathy (PDN). NB-02 candidate is primarily used for the treatment of Alzheimer’s and neurodegenerative diseases. Gemcabene, which was previously being developed for the treatment of dyslipidemia but now it is currently being tried as an acute treatment for COVID-19.
The price of NRBO stock during the regular trading hours of December 15, 2021, at the time of last check was $1.36 with a slight decline of 2.86%.
On November 15, 2021, NRBO announced financial results for the third quarter ended September 30, 2021. Some of the key highlights are as follows
For the third quarter, the net loss reported was $3.5 million, or $0.16 per basic and diluted share in comparison to the net loss of $3.1 million, or $0.19 per basic and diluted share, for the same quarter of 2020.
The cost of total assets reported by the company for the Q3 2020 was $13.3 million versus the total assets for Q3 2021 to be $8.08 million.
Events and Happenings
On October 13, 2021, NRBO reported that an independent Data Monitoring Committee (DMC) reviewed safety data of patients treated in the Phase 2/3 clinical trial of ANA001. Based on the outcomes, the DMC recommended the continuation of the trial without further modification.
On October 5, 2021, NRBO reported the closing of company’s registered direct offering of 4,307,693 shares of the Company’s common stock, at a purchase price of $3.25 per share. In a parallel private placement, the Company issued unregistered warrants to the investors to purchase up to 4,307,693 shares of the NRBO’s common stock.
NRBO stock declined 25% from the past month due to uncertain market condition. As the new year is starting and the company’s potential drug candidate are generating positive results in the trials, it is expected that NRBO’s stock will gradually incline in the coming days.