NeuroBo Pharmaceuticals, Inc. a clinical-stage biotechnology company on a quest to transform cardiometabolic diseases, today announced that it has entered into a term sheet with MThera Pharma Co., Ltd. (MTHERA) which provides for the terms under which NeuroBo will out-license the worldwide rights, outside of Korea, for NB-01 for the treatment of painful diabetic neuropathy to MTHERA. The term sheet allows MTHERA to conduct research in order to seek new patents for NB-01 and conduct clinical trials, including, but not limited to, a potential Phase 3 clinical trial in the United States for the future commercialization of NB-01. The financial terms of the term sheet, which are binding, were not disclosed.

"We believe that MTHERA's extensive experience in manufacturing, quality control and clinical development of natural medicines and botanical drugs makes it the perfect partner to continue the development of NB-01, "stated Joseph Hooker, Interim President and Chief Executive Officer of NeuroBo. "Since acquiring the cardiometabolic assets DA-1241 and DA-1726, we have focused diligently to evaluate potential out-licensing and acquisition opportunities for our four legacy therapeutic programs, ANA001, NB-01, NB-02 and Gemcabene, and this term sheet with MTHERA is a testament to those efforts. We look forward to working with MTHERA to assist them in manufacturing NB-01 for potential clinical trials and to facilitate discussions with contract manufacturing companies including our partner, Dong-A ST, Co. Ltd."

"We are grateful to NeuroBo and Dong-A ST for the opportunity to participate in the research and development of NB-01," stated Dr. Mi Won Sohn, Chief Executive Officer of MTHERA. "NB-01, as a drug candidate for diabetic neuropathy, has obtained excellent efficacy results in a phase 2 trial in the U.S., and we anticipate developing it as a potential treatment for peripheral diabetes. Utilizing MTHERA's platform technology, SyMthomics, the mechanism of action and active ingredients of NB-01 will be thoroughly identified to help predict clinical efficacy as an innovative treatment with the intent of advancing NB-01 into the next phase of clinical development."

Source:prnewswire.com