Gemphire Therapeutics Inc. stockholders approved the company's merger with privately held NeuroBo Pharmaceuticals Inc. in an all-stock deal.
Livonia, Mich.-based Gemphire said its stockholders also approved a reverse stock split wherein one new share will be exchanged for every 15 to 25 existing shares of the company.
Under the agreement, NeuroBo and Gemphire shareholders will own about 95.94% and 4.06% of the combined company, respectively.
The combined company will be named NeuroBo Pharmaceuticals and trade on the Nasdaq Capital Market under the symbol NRBO, which was also approved by Gemphire shareholders.
The merger is expected to close in mid-December, Gemphire said in a Dec. 6 press release.
Boston-based NeuroBo Pharmaceuticals is focused on developing therapies for neurodegenerative diseases and Alzheimer's disease.