NRBO - NeuroBo Pharma gains 6% on approval of CVR amendment for Gemcabene

NeuroBo Pharmaceuticals (NRBO) perks up 6% premarket after receiving approval of an amendment to its Contingent Value Rights ((CVR)) agreement from a majority of CVR holders. The CVRs were distributed to the holders of Gemphire Therapeutics (GEMP) common stock on December 30, 2019, immediately prior to its merger with NeuroBo Pharma.The CVR amendment will allow NeuroBo to pursue Gemcabene as a therapy for COVID-19, with its own resources.In exchange, CVR holders will receive 10% of certain gross proceeds received by the company for any indication outside of treating cardiometabolic diseases.CVR holders will retain the original CVR for 80% of any proceeds of Gemcabene for cardiovascular conditions. "We intend to evaluate Gemcabene both as a stand-alone treatment for COVID-19, and in a treatment combination with ANA001, our proprietary oral niclosamide formulation, which is currently in a 60-patient phase 2/3 trial as a treatment for moderate to severe COVID-19," stated Richard J. Kang, Ph.D., President

For further details see:

NeuroBo Pharma gains 6% on approval of CVR amendment for Gemcabene