Stock Alert: NeuroBo Pharma Up 25%

(RTTNews) - Shares of NeuroBo Pharmaceuticals, Inc. (NRBO) are gaining about 25% on Wednesday morning after the company announced it has acquired ANA Therapeutics.

NRBO is currently trading at $6.92, up $1.35 or 24.24%, on the Nasdaq.

NeuroBo Pharmaceuticals acquired ANA Therapeutics, a privately held biotechnology company developing ANA-001, a proprietary capsule formulation of niclosamide for coronavirus indications, currently in Phase 2/3 clinical trials as a treatment for COVID-19.

The deal was unanimously approved by both the NeuroBo Pharmaceuticals' and ANA Therapeutics' Boards of Directors.

Under the terms of the acquisition agreement, ANA became a wholly-owned subsidiary of NeuroBo and ANA equity holders were issued about 3.24 million of Neurobo shares, representing 19.7% of NeuroBo's outstanding shares.

ANA shareholders will also receive additional payments in cash or NeuroBo common shares upon the achievement of various development and net sales milestones for ANA-001 and will also receive royalties based on net sales of ANA-001.