Thinly traded nano cap NeuroBo Pharmaceuticals (NRBO +81.2%) is up on a 26x surge in volume, albeit on turnover of only 312K shares, on no particular news.
The company, a reverse merger
of publicly traded Gemphire Therapeutics and privately held NeuroBo,
began trading on December 31, 2019. Shares have rallied almost four-fold
since then.
Although no particular news accounts for the
action, investors should be wary of a capital raise. NeuroBo closed $24M
in Series B financing in July 2019. Gemphire only had $1.9M in cash and
equivalents at the end of September 2019.
Funding will be needed to support Phase 3
development of NB-01 for neuropathic pain and early-stage clinical
trials for NB-02 for Alzheimer’s disease and tauopathies.
https://seekingalpha.com/news/3541276-neurobo-up-81
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