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NeuroBo Pharmaceuticals Reports Second Quarter 2021 Financial Results
BOSTON, Aug. 16, 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, Aug. 16, 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 financial results for the second quarter ended June 30, 2021.\nManagement Commentary\n\"During the second quarter, we continued to advance the Phase 2/3 clinical trial of our lead drug candidate, ANA001, a proprietary oral niclosamide formulation, in development as a treatment for patients with moderate to severe COVID-19,\" stated Richard J. Kang, Ph.D., President and Chief Executive Officer of NeuroBo. \"While enrollment of the Phase 2 portion of the trial in the U.S. had initially progressed at a slow rate due to high vaccination rates and a deceleration of COVID-19 hospitalizations, the spread of the Delta variant has reversed that trend and enrollment has now accelerated. As a result, we expect to complete the Phase 2 portion of the trial in the fourth quarter. We look forward to a number of value-creating milestones with our COVID-19 programs in the coming months.\"\nDr. Kang continued, \"In July, we were delighted to enhance our Board of Directors with the elections of Hyung Heon Kim and Andrew Koven. Their collective industry leadership experience and legal expertise is greatly valued as we seek to advance our pipeline of multi-modal disease-modifying therapies for viral, neuropathic, and neurodegenerative diseases.\"\nSecond Quarter 2021 Financial and Operating Results\nResearch and Development (R&D) Expenses were $2.0 million for the three months ended June 30, 2021 as compared to $0.7 million for the three months ended June 30, 2020. The $1.3 million increase in the second quarter of 2021 was primarily attributed to an overall increase in research development activity in 2021 on a net basis when compared to the comparable quarter in the prior year. General and Administrative Expenses were $1.9 million for the three months ended June 30, 2021, compared to $1.7 million for the three months ended June 30, 2020. The increase of $0.2 million in the current period was primarily due to additional insurance premium costs of $0.1 million, payroll costs of $0.1 million and consulting costs of $0.1 million, offset in part by a reduction of facility related co...