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NeuroBo Pharmaceuticals Reports Full Year 2022 Financial Results
Company Pipeline to Focus on Cardiometabolic Disease Cash and Cash Equivalents to Fund the Company into 2024 BOSTON, March 30, 2023 /PRNewswire/ -- NeuroBo
About this update from Metavia Inc.
[{"type":"text","content":"Company Pipeline to Focus on Cardiometabolic Disease\nCash and Cash Equivalents to Fund the Company into 2024\nBOSTON, March 30, 2023 /PRNewswire/ -- NeuroBo Pharmaceuticals, Inc. (Nasdaq: NRBO), a clinical-stage biotechnology company primarily focused on cardiometabolic diseases, today announced financial results for the year ended December 31, 2022.\n\"During 2022, we completed our planned shift in strategic direction with the acquisition of two very promising cardiometabolic assets that address the enormous nonalcoholic steatohepatitis (NASH), obesity and type 2 diabetes markets,\" stated Joe Hooker, Interim President and Chief Executive Officer of NeuroBo. \"As previously announced, in November 2022, we acquired an exclusive global license (other than in Korea) to these assets from Dong-A ST Co., Ltd. (\"Dong-A\"). In connection with the license, Dong-A became our largest shareholder and demonstrated their commitment as our long-term strategic partner with a $15 million private investment in NeuroBo. The promise of the new assets was further evidenced by the concurrent $17.3 million public offering, which we completed in an extremely challenging capital markets environment. We are now uniquely positioned, with a cash runway that should take the company into 2024 including the initiation of a phase 2a study of DA-1241 in NASH in the third quarter of 2023 and continuing enrollment into 2024 with data expected in the second half of 2024. We also intend to advance DA-1726 through the Investigational New Drug (IND) process, with the goal of initiating a phase 1a safety study in the first half of 2024, for which data would be expected in the second half of 2024. We are excited about the new direction of the company as well as the potential of these assets and look forward to executing on these new pipeline programs.\"\nManagement also noted that the Company's Board of Directors had determined to focus the Company's financial resources and attention on the development of DA-1241 for NASH and type 2 diabetes and DA-1726 for NASH and obesity. The Company intends to continue to consider licensing and acquisition opportunities with respect to its legacy programs (ANA001, NB-01, NB-02 and Gemcabene).\n2022 Financial and Operating Results\nResearch and Development (R&D) Expenses were $2.8 million for the year ended December 31, 2022 as c...