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NeuroBo Pharmaceuticals Announces $14 Million Registered Direct Offering
BOSTON, Oct. 1, 2021 /PRNewswire/ -- NeuroBo Pharmaceuticals, Inc. (Nasdaq: NRBO), a clinical-stage biotechnology company focused on developing and
About this update from Metavia Inc.
[{"type":"text","content":"BOSTON, Oct. 1, 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 it has entered into a definitive agreement with several institutional investors for the purchase and sale in a 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 concurrent private placement, the Company agreed to issue to the investors in the registered direct offering unregistered warrants to purchase up to 4,307,693 shares of the Company's common stock. The closing of the offering is expected to occur on or about October 5, 2021, subject to the satisfaction of customary closing conditions.\nH.C. Wainwright & Co. is acting as the exclusive placement agent for the offering.\nThe warrants have an exercise price of $3.75 per share, will be exercisable commencing six months following the date of issuance for a period of three and one-half years from the date of issuance. \nThe gross proceeds to NeuroBo from this offering are expected to be approximately $14 million, before deducting the placement agent's fees and other offering expenses. The Company intends to use the net proceeds from this offering for working capital, capital expenditures and general corporate purposes.\nThe shares of common stock (but not the warrants or the shares of common stock underlying the warrants) are being offered by NeuroBo pursuant to a \"shelf\" registration statement on Form S-3 (File No. 333-256135) previously filed with the Securities and Exchange Commission (the \"SEC\") on May 14, 2021 and declared effective by the SEC on May 26, 2021. The offering of the shares of common stock will be made only by means of a prospectus, including a prospectus supplement, forming a part of the effective registration statement. A final prospectus supplement and accompanying prospectus relating to the shares of common stock being offered will be filed with the SEC. Electronic copies of the final prospectus supplement and accompanying prospectus may be obtained, when available, on the SEC's website at http://www.sec.gov or by contacting H.C. Wainwright & Co., LLC at 430 Park Avenue, 3rd Floor, New York, NY 10022, by ph...