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NeuroBo Pharmaceuticals Reports Third Quarter 2021 Financial Results
BOSTON, Nov. 15, 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, Nov. 15, 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 third quarter ended September 30, 2021.\nThird Quarter Highlights\n\"In October, following a positive recommendation from the independent data safety monitoring board, we continued 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,\" stated Richard J. Kang, Ph.D., outgoing President and Chief Executive Officer of NeuroBo. \"We are currently in the process of expanding the trial to clinical sites in the Ukraine and Poland and expect to complete the 60-subject phase 2 portion of the trial in the first quarter of 2022.\"\nDr. Kang continued, \"Additionally, in October, we successfully closed a registered direct offering, raising approximately $14.0 million, significantly bolstering our balance sheet enabling us to extend our cash runway into the fourth quarter of 2022.\"\nManagement Transition\nAs previously announced, the Company has appointed Gil Price, M.D. as President and Chief Executive Officer. Dr. Price will replace Dr. Kang, who is stepping down following the filing of the Company's Form 10-Q for the quarter ended September 30, 2021, to pursue other opportunities. Dr. Kang will remain on the NeuroBo Board of Directors, and will consult for NeuroBo for a period of up to one year in order to help ensure an orderly transition.\n\"It has been a privilege to serve as Chief Executive Officer of NeuroBo and guide it to the current stage of clinical development. I am confident that the company will be in good hands under Gil's stewardship and am pleased to work alongside the team during the transition period and beyond as a continuing member of NeuroBo's Board,\" added Dr. Kang.\nThird Quarter 2021 Financial and Operating Results\nResearch and Development (R&D) Expenses were $1.4 million for the three months ended September 30, 2021 as compared to $1.3 million for the three months ended September 30, 2020. The $0.1 million increase in the third quarter of 2021 was primarily attributable to an inc...