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NeuroBo Pharmaceuticals, Inc. (NASDAQ:NRBO) shares are trading higher Thursday after the company announced the U.S. Food and Drug Administration (FDA) has cleared its Investigational New Drug (IND) application for DA-1726 for the treatment of obesity.
The Details:
NeuroBo announced that the FDA has cleared its IND application for DA-1726, a novel, dual oxyntomodulin (OXM) analog agonist that functions as a glucagon-like peptide-1 receptor (GLP1R) and glucagon receptor (GCGR). The company plans to initiate a Phase 1 clinical trial, for the treatment of obesity, in the first half of 2024.
“Clearance of the IND for DA-1726 allows us to proceed with the Phase 1 program for this novel GLP-1 and glucagon dual receptor, a potential new treatment to address the significant obesity market,” stated Hyung Heon Kim, CEO of NeuroBo.
“Additionally, in mouse models, DA-1726 showed superior weight loss compared to semaglutide (Wegovy), and its administration resulted in similar weight reduction while consuming more food compared to tirzepatide (Mounjaro),” Kim added.
NeuroBo shares are racing higher on heavy trading volume following the company’s announcement. According to data from Benzinga Pro, more than 17.9 million shares have been traded in the session, compared to the stock’s 100-day average of less than 34,000 shares.
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NRBO Price Action: According to Benzinga Pro, NeuroBo Pharmaceuticals shares are up 41% at $4.60 at the time of publication.
Image: kalhh from Pixabay
Posted In: NRBO
