NeuroBo Pharmaceuticals (NASDAQ:NRBO) entered into a term sheet with MThera Pharma detailing terms that 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.
“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,” Joseph Hooker, interim president and CEO of NeuroBo, said in a statement.
Since acquiring two cardiometabolic assets, NeuroBo has been evaluating potential out-licensing and acquisition opportunities for its four legacy therapeutic programs.
Dr. Mi Won Sohn, CEO of MTHERA, said 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.”
