Company Overview - NeuroBo Pharmaceuticals Inc is a clinical-stage biotechnology company focused on transforming cardiometabolic diseases [3] - The company is developing DA-1726 for obesity treatment and DA-1241 for Metabolic Dysfunction-Associated Steatohepatitis (MASH) [3] - DA-1726 is a novel oxyntomodulin analogue acting as a GLP1R and GCGR dual agonist, potentially offering superior weight loss compared to selective GLP1R agonists [3] - DA-1241 is a GPR119 agonist that promotes release of gut peptides GLP-1, GIP, and PYY, showing positive effects on liver inflammation, lipid metabolism, and glucose control in preclinical studies [3] Financing Activities - The company entered into definitive agreements for private placement of 4,325,701 shares at $3.93 per share [6] - A concurrent registered direct offering involves 763,359 shares at the same price [6] - The offerings include Series A warrants for 5,089,060 shares and Series B warrants for 7,633,591 shares, both exercisable at $3.93 per share [6] - Aggregate gross proceeds expected to be approximately $20 million upfront, with potential additional $50 million if all warrants are exercised [11][16] - Proceeds will be used for working capital, general corporate purposes, and clinical development of DA-1726 [11] Clinical Development - Series A warrants expire upon positive Phase 1 MAD data readout for DA-1726 or 12 months after stockholder approval [6] - Series B warrants expire upon positive Phase 1 Part 3 data readout for DA-1726 or 5 years after stockholder approval [6] - The financing is expected to provide cash runway to complete Phase 1 Part 3 clinical trial of DA-1726 [16] Regulatory and Legal Aspects - The registered direct offering is made pursuant to a shelf registration statement (Form S-3, No. 333-278646) filed with SEC on April 12, 2024 and declared effective on April 23, 2024 [7] - The private placement and Series Warrants are made under Section 4(a)(2) of Securities Act and Rule 506(b) of Regulation D [18] - The company has agreed to file a registration statement with SEC covering resale of securities issued in private placement [18]
NeuroBo Pharmaceuticals Announces up to $70 Million Concurrent Private Placement and Registered Direct Offering Priced At-the-Market Under Nasdaq Rules