NEUROBO PHARMACEUTICALS ANNOUNCES $14

PHARMACEUTICALS ANNOUNCES $14 MILLION REGISTERED DIRECT OFFERING

2021 /PRNewswire/ -- NeuroBo Pharmaceuticals, Inc. (Nasdaq: NRBO), a clinical-stage biotechnology company

focused on developing and commercializing multimodal, disease-modifying therapies for viral, neuropathic and neurodegenerative diseases,

today announced that it has entered into a definitive agreement with several institutional investors for the purchase and sale in a registered

direct offering of 4,307,693 shares of the Company's common stock, at a purchase price of $3.25 per share. In a concurrent private

placement, the Company agreed to issue to the investors in the registered direct offering unregistered warrants to purchase up to 4,307,693

shares of the Company's common stock. The closing of the offering is expected to occur on or about October 5, 2021, subject

to the satisfaction of customary closing conditions.

Wainwright & Co. is acting as the exclusive placement agent for the offering.

warrants have an exercise price of $3.75 per share, will be exercisable commencing six months following the date of issuance for a period

of three and one-half years from the date of issuance.

gross proceeds to NeuroBo from this offering are expected to be approximately $14 million, before deducting the placement agent's

fees and other offering expenses. The Company intends to use the net proceeds from this offering for working capital, capital expenditures

and general corporate purposes.

shares of common stock (but not the warrants or the shares of common stock underlying the warrants) are being offered by NeuroBo pursuant

to a "shelf" registration statement on Form S-3 (File No. 333-256135) previously filed with the Securities and

Exchange Commission (the "SEC") on May 14, 2021 and declared effective by the SEC on May 26,

2021. The offering of the shares of common stock will be made only by means of a prospectus, including a prospectus supplement,

forming a part of the effective registration statement. A final prospectus supplement and accompanying prospectus relating to the shares

of common stock being offered will be filed with the SEC. Electronic copies of the final prospectus supplement and accompanying

prospectus may be obtained, when available, on the SEC's website at http://www.sec.gov or by contacting H.C.

Wainwright & Co., LLC at 430 Park Avenue, 3rd Floor, New York, NY 10022, by phone at (212) 856-5711 or e-mail at placements@hcwco.com.

warrants described above were offered in a private placement under Section 4(a)(2) of the Securities Act of 1933, as amended

(the Act), and Regulation D promulgated thereunder and, along with the shares of common stock underlying the warrants, have not been

registered under the Act, or applicable state securities laws. Accordingly, the warrants and underlying shares of common stock may not

be offered or sold in the United States except pursuant to an effective registration statement or an applicable exemption from the registration

requirements of the Act and such applicable state securities laws.

press release shall not constitute an offer to sell or a solicitation of an offer to buy these securities, nor shall there be any sale

of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration

or qualification under the securities laws of any such state or other jurisdiction.

Pharmaceuticals, Inc., a clinical-stage biotechnology company focused on developing and commercializing multi-modal

disease-modifying therapies for viral, neuropathic, and neurodegenerative diseases, has a current portfolio of four drug candidates.

The company's recently acquired ANA001 candidate is a proprietary oral niclosamide formulation in development as a treatment for

patients with moderate to severe COVID-19 (patients not requiring ventilators). Niclosamide is a potential oral antiviral and

anti-inflammatory agent with a long history of use and a well-understood safety profile in humans. ANA001 is currently being studied

in a 60-subject Phase 2/3 clinical trial conducted at up to 20 clinical sites in the U.S. Niclosamide has demonstrated both

antiviral and immunomodulatory activity with possible downstream effects on coagulation abnormalities observed in COVID-19. The

company's NB-01 candidate has been shown in a Phase 2 study to significantly reduce pain symptoms associated with painful diabetic

neuropathy (PDN), with a superior safety profile when compared to currently available treatments. Due to the global COVID-19 crisis,

a planned Phase 3 study of NB-01 was postponed. In the interim, NeuroBo is exploring a potential orphan drug indication targeting

chronic pain for NB-01. NeuroBo's NB-02 drug candidate is focused on the treatment of Alzheimer's disease and neurodegenerative

diseases associated with the pathological dysfunction of tau proteins in the brain. The company's fourth program, Gemcabene, was

previously being developed for the treatment of dyslipidemia, a serious medical condition that increases the risk of

life-threatening cardiovascular disease. Gemcabene is currently being assessed as an acute treatment for COVID-19.

more information, visit: https://www.neurobopharma.com/.

statements in this press release that are not statements of historical fact constitute forward-looking statements within the meaning

of The Private Securities Litigation Reform Act of 1995, as amended, and Section 21E of the Securities Exchange Act of 1934, as

amended. These statements include, but are not limited to, statements regarding the completion of the registered direct offering, the

satisfaction of customary closing conditions related to the registered direct offering and the intended use of net proceeds from the

registered direct offering as well as the development of NeuroBo's product candidates and the therapeutic potential, timing and nature

of clinical trials and potential regulatory approval of NeuroBo's clinical programs and pipeline. Forward-looking statements are usually

identified by the use of words, such as "believes," "anticipates," "expects," "intends," "plans,"

"may," "potential," "will," "could" and similar expressions. Actual results may differ materially

from those indicated by forward-looking statements as a result of various important factors and risks. These factors, risks and uncertainties

include, but are not limited to: the failure to obtain all of the benefits or recognize all of the synergies anticipated from the ANA

acquisition; the integration of ANA potentially diverting management resources from operational matters and other strategic opportunities;

the effect of future milestone payments and royalties specified in the ANA acquisition agreement on the results of operations and financial

position of NeuroBo; the occurrence of health epidemics or contagious diseases, such as COVID-19, and potential effects on NeuroBo's

business, clinical trial sites, supply chain and manufacturing facilities; NeuroBo's ability to continue as a going concern; the timing

of completion of NeuroBo's planned clinical trials, including with respect to ANA001 and Gemcabene; the timing of the availability of

data from NeuroBo's clinical trials, including with respect to ANA001 and Gemcabene; NeuroBo's plans to research, develop and commercialize

its current and future product candidates, including the potential alternative pathways for NB-01; NeuroBo's ability to successfully

collaborate with existing collaborators or enter into new collaborations and to fulfill its obligations under any such collaboration

agreements; the clinical utility, potential benefits and market acceptance of NeuroBo's product candidates, including ANA001 and Gemcabene;

the impact of government laws and regulations; NeuroBo's ability to protect its intellectual property position; and NeuroBo's need for

additional financing to fulfill its stated goals; and other factors discussed in the "Risk Factors" section of NeuroBo's Annual

Report on Form 10-K filed with the Securities and Exchange Commission on or about the date hereof. In addition, the forward-looking

statements included in this press release represent NeuroBo's views as of the date hereof. NeuroBo anticipates that subsequent events

and developments will cause its views to change. However, while NeuroBo may elect to update these forward-looking statements at some

point in the future, NeuroBo specifically disclaims any obligation to do so, except as required by law. These forward-looking statements

should not be relied upon as representing NeuroBo's views as of any date subsequent to the date hereof.

Rx Communications Group