NeuroBo completes $24mm Series B round in advance of reverse merge with Gemphire

NeuroBo Pharmaceuticals Inc. raised $24.24mm in a Series B round that included backing from its existing investor syndicate. The company is merging with Nasdaq-traded Gemphire Therapeutics Inc. after which NeuroBo will own approximately 95.94% of the combined entity and take over Gemphire's public listing. A financing of at least the amount raised was a condition of the merger agreement, and NeuroBo may enter into other subscription agreements for additional proceeds up to a total of $50mm. NeuroBo was jointly founded in July 2017 by JK BioPharma Solutions and Harvard Medical School neurologist Roy Freeman, MD. Its pipeline consists of Phase III NB01 for diabetic neuropathy pain and preclinical NB02 for Alzheimer’s disease, both in-licensed from Dong-A ST in early 2018. The company has raised $41mm to date.