As the market begins today, shares of NeuroBo Pharmaceuticals, Inc. (NASDAQ: NRBO) seem to be continuing their prior session’s gain, propelled by news of recent and successful stock transactions. The pre-market trading activity for NRBO shares showed a 12.91% increase in value, closing at $4.81.
Equity Deals And Issues
NeuroBo Pharmaceuticals (NRBO) has completed its previously announced private placement, in which 4,325,701 shares of common stock were sold for $3.93 a share. The business concurrently issued and sold 763,359 shares of ordinary stock at the same price through a registered direct offering.
NeuroBo also issued unregistered Series A and Series B warrants to acquire up to 5,089,060 and 7,633,591 shares of common stock, respectively, in addition to the equity transactions. The exercise price of each set of warrants is $3.93 per share, and they can be exercised only with stockholder permission.
The Series A warrants will expire sixty days after the public release of a favorable Phase 1 multiple ascending dose (MAD) data readout for DA-1726, or twelve months after the stockholder approval. The Series B warrants will expire either six months after the Phase 1 Part 3 data readout for DA-1726 is publicly announced or five years after the stockholder approval.
Promising Pre-Clinical Data For DA-1726
Recently, NeuroBo disclosed pre-clinical data indicating that DA-1726 demonstrated superior results in weight loss, retention of lean body mass, and lipid-lowering effects compared to survodutide in pre-clinical models. This data was presented by Tae-Hyoung Kim, the lead research scientist at Dong-A ST Research Center, at the American Diabetes Association (ADA) 84th Scientific Sessions held from June 21-24 in Orlando, Florida.
The presented data highlights that DA-1726 distinguishes itself from other obesity drugs in the same class, likely due to its unique GLP-1 and glucagon receptor activity ratio. In obese mouse models, DA-1726 significantly reduced cholesterol levels and induced superior weight loss compared to survodutide, while also exhibiting better glucose-lowering effects. Notably, DA-1726 showed superior weight loss and preservation of lean body mass compared to survodutide.
