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NeuroBo Pharmaceuticals Closes $14 Million Registered Direct Offering

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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 the closing of its previously announced registered direct offering of 4,307,693 shares of the Company’s common stock, at a purchase price of $3.25 per share. In a concurrent private placement, the Company issued to the investors in the registered direct offering unregistered warrants to purchase up to 4,307,693 shares of the Company’s common stock.

H.C. Wainwright & Co. acted as the exclusive placement agent for the offering.

The warrants have an exercise price of $3.75 per share, will be exercisable commencing six months following the date of issuance for a period of three and one-half years from the date of issuance.

After deducting the placement agent’s fees and other estimated offering expenses to be paid by the Company, the Company received net proceeds of approximately $12.7 million. The Company intends to use the net proceeds from this offering for working capital, capital expenditures and general corporate purposes.

The shares of common stock (but not the warrants or the shares of common stock underlying the warrants) are being offered by NeuroBo pursuant to a “shelf” registration statement on Form S-3 (File No. 333-256135) previously filed with the Securities and Exchange Commission (the “SEC”) on May 14, 2021 and declared effective by the SEC on May 26, 2021. The offering of the shares of common stock were made only by means of a prospectus, including a prospectus supplement, forming a part of the effective registration statement. A final prospectus supplement and accompanying prospectus relating to the shares of common stock being offered have been filed with the SEC.  Electronic copies of the final prospectus supplement and accompanying prospectus may be obtained on the SEC’s website at http://www.sec.gov or by contacting H.C. Wainwright & Co., LLC at 430 Park Avenue, 3rd Floor, New York, NY 10022, by phone at (212) 856-5711 or e-mail at placements@hcwco.com.

The warrants described above were offered in a private placement under Section 4(a)(2) of the Securities Act of 1933, as amended (the Act), and Regulation D promulgated thereunder and, along with the shares of common stock underlying the warrants, have not been registered under the Act, or applicable state securities laws. Accordingly, the warrants and underlying shares of common stock may not be offered or sold in the United States except pursuant to an effective registration statement or an applicable exemption from the registration requirements of the Act and such applicable state securities laws.

This press release shall not constitute an offer to sell or a solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or other jurisdiction.

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