{"id":477286,"date":"2021-04-15T16:56:10","date_gmt":"2021-04-15T20:56:10","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/neurobo-pharmaceuticals-reports-full-year-2020-financial-results-and-provides-corporate-strategic-update\/"},"modified":"2021-04-15T16:56:10","modified_gmt":"2021-04-15T20:56:10","slug":"neurobo-pharmaceuticals-reports-full-year-2020-financial-results-and-provides-corporate-strategic-update","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/neurobo-pharmaceuticals-reports-full-year-2020-financial-results-and-provides-corporate-strategic-update\/","title":{"rendered":"NeuroBo Pharmaceuticals Reports Full Year 2020 Financial Results and Provides Corporate Strategic Update"},"content":{"rendered":"
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Acquisition of ANA Therapeutics provides late-stage COVID-19 clinical development program with numerous key inflection points in 2021<\/h2>\n

PR Newswire<\/p>\n<\/p><\/div>\n

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\n BOSTON<\/span>, April 15, 2021<\/span> \/PRNewswire\/ —\u00a0NeuroBo Pharmaceuticals, Inc. <\/b>(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 year ended December 31, 2020<\/span> and provided a corporate strategic update.<\/p>\n

“In December 2020<\/span>, we significantly expanded our clinical pipeline with the acquisition of ANA Therapeutics and the addition of lead drug candidate, ANA001, a proprietary oral niclosamide formulation, currently in a 60-patient Phase 2\/3 trial as a treatment for moderate to severe COVID-19,” stated Richard J. Kang<\/span>, Ph.D., President and Chief Executive Officer of NeuroBo.\u00a0“The recent approval of the Contingent Value Rights (CVR) Agreement amendment from a majority of the company’s CVR holders incentivizes our evaluation of Gemcabene as a treatment for COVID-19 and expands our pipeline in this indication of continued urgent need. We have a series of potentially value creating milestones over the next twelve months related to our development programs to treat COVID-19. Regarding our Phase 2 trial for ANA001, we expect to report the data monitoring committee safety results, pharmacokinetic (PK) data and the top-line data readout. We also look forward to releasing preclinical in vitro<\/i> data for Gemcabene against COVID-19 variants alone and in combination with ANA001.”<\/p>\n

Dr. Kang continued, “Due to the COVID-19 pandemic, we paused our plans to conduct Phase 3 trials for NB-01 in the first quarter of 2020.\u00a0 We continue to evaluate potential options for bringing the NB-01 asset to the market through a different regulatory pathway, including as an orphan drug for a rare disease indication. In April 2020<\/span>, \u00a0we were issued a key U.S. composition patent covering NB-02 which, given its demonstrated multimodal therapeutic advantages, may represent an important new alternative for the prevention and treatment of Alzheimer’s and other neurodegenerative disorders. Although NB-02 was nearing an Investigational New Drug submission with the U.S. Food and Drug Administration, we intend to postpone the first human clinical trials until global macroeconomic conditions improve, with a view toward commencing clinical trial activity in the second half of 2021, subject to improvement of the constraints imposed by the COVID 19-pandemic.”<\/p>\n

“Importantly, we significantly bolstered our balance sheet with the $10.0 million<\/span> private placement of our common shares completed in January 2021<\/span>, which we believe provides the resources to fund our operations into the fourth quarter of this year,” concluded Dr. Kang.<\/p>\n

\n Full Year 2020 Financial and Operating Results Highlights<\/b>\n <\/p>\n

Upon the merger between Gemphire Therapeutics, Inc. and NeuroBo Pharmaceuticals, Inc. (“NeuroBo”) at year-end 2019, \u00a0the formerly private NeuroBo was considered the accounting acquirer. In accordance with generally accepted accounting principles, the historical financial statements of private company, NeuroBo, are considered the financial statements of the combined company before January 1, 2020<\/span>, with the merger accounted for as an acquisition\u00a0of the Gemcabene family of related assets on December 30, 2019<\/span>. <\/p>\n

The following highlights, therefore, represent the combined operations of both companies for the year ended December 31, 2020<\/span> and the operations of NeuroBo as a private company for the comparable year ended December 31, 2019<\/span>.<\/p>\n

In December 2020<\/span>, NeuroBo successfully completed the acquisition of ANA Therapeutics, Inc. (“ANA”) and its lead product candidate, ANA001, a proprietary oral niclosamide formulation in Phase 2\/3 clinical development as a treatment for patients with moderate COVID-19. <\/p>\n