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NeuroBo Pharmaceuticals Reports Full Year 2021 Financial Results
BOSTON, April 1, 2022 /PRNewswire/ -- NeuroBo Pharmaceuticals, Inc. (Nasdaq: NRBO), a clinical-stage biotechnology company, today announced financial results
About this update from Metavia Inc.
[{"type":"text","content":"BOSTON, April 1, 2022 /PRNewswire/ -- NeuroBo Pharmaceuticals, Inc. (Nasdaq: NRBO), a clinical-stage biotechnology company, today announced financial results for the year ended December 31, 2021.\nManagement Commentary\n\"Since I joined NeuroBo in November of 2021, we have had the opportunity to significantly strengthen our team including the addition of highly accomplished executive, D. Gordon Strickland, to our Board of Directors in January and, most recently, with the appointment of Danamarie Belpulsi, M.D. to our Scientific Advisory Board. Their collective experience will be invaluable as we continue to move programs through the clinic,\" stated Gil Price, M.D. President and Chief Executive Officer of NeuroBo. \n\"Also of note, following a positive recommendation from the independent data safety monitoring board, in the fourth quarter of last year, we continue to advance our Phase 2/3 clinical trial of lead drug candidate, ANA001, a proprietary oral niclosamide formulation, in development as a treatment for patients with moderate to severe COVID-19 and expect to complete the phase 2 portion of the trial in the third quarter of this year. We look forward to providing further updates on our clinical progress in the near future.\"\nManagement also noted that, subsequent to the October 2021 registered direct offering, the company expects that its cash will be adequate to fund operations into the fourth quarter of 2022.\nFull Year 2021 Financial and Operating Results\nResearch and Development (R&D) Expenses were $6.5 million for the year ended December 31, 2021 as compared to $4.5 million for the year ended December 31, 2020. The $2.0 million increase during the year ended December 31, 2021 was primarily attributed to increased clinical trial and drug manufacturing of $1.9 million and $0.4 million, respectively, for the development of ANA001, offset by a reduction of preclinical costs of $0.3 million. General and Administrative Expenses were $8.8 million for the year ended December 31, 2021 compared to $7.8 million for the year ended December 31, 2020. The increase of $1.0 million was primarily due to increased personnel costs of $0.6 million, increased costs associated with operating as a public company of $0.3 million, and increased insurance costs of $0.4 million, offset by reductions of facilities and professional fees costs ...