- Dong-A ST, a pharmaceutical company in South Korea, has licensed its global exclusive development rights of DA-1241 for type 2 diabetes and non-alcoholic fatty hepatitis and DA-1726 for obesity and non-alcoholic fatty hepatitis to NeuroBo Pharmaceuticals Inc NRBO.
- Dong-A ST said it is in charge of samples for clinical trials and production after commercialization, while NeuroBo is responsible for clinical development, regulatory submission, and sales.
- The Korean company will receive a $22 million upfront payment, milestones for each stage, and sales-based royalties and will be responsible for producing clinical samples and products after commercialization.
- NeuroBo will be responsible for the global clinical development, licensing, and sales of DA-1241 and DA-1726.
- Dong-A ST plans to use the $22 million to acquire convertible preferred stocks of NeuroBo and acquire additional shares by investing $15 million in NeuroBo.
- However, NeuroBo will need to raise another $15 million for this contract to be finalized.
- Price Action: NRBO shares are up 37.10% at $23.11 during the premarket session on the last check Thursday.
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