Rare Daily Staff
Timber Pharmaceuticals, a privately held developer of treatments for rare and orphan dermatologic diseases, has agreed to a reverse merger with specialty pharmaceutical BioPharmX, a move that will provide it with a listing on the Nasdaq stock market.
Timber’s pipeline in rare dermatologic diseases includes: TMB-001, a proprietary topical formulation of isotretinoin currently being evaluated in a phase 2b clinical trial for the treatment of moderate to severe subtypes of congenital ichthyosis (CI), a group of rare genetic keratinization disorders that lead to dry, thickened, and scaling skin.
TMB-002 is a proprietary topical formulation of rapamycin currently being evaluated in a phase 2b clinical trial for the treatment of facial angiofibromas in tuberous sclerosis complex, a multisystem genetic disorder resulting in the growth of hamartomas in multiple organs; and TMB-003, a proprietary formulation of sitaxsentan, a selective endothelin-A receptor antagonist currently in preclinical development as a topical or subcutaneous agent for the treatment of localized scleroderma, a rare autoimmune connective tissue disorder that leads to inflammation and thickening of the skin.
Under the terms of their agreement, Timber will become a wholly-owned subsidiary of BioPharmX. As a condition to the closing of the merger, Timber has agreed to secure not less than $20 million of financing for the combined company.
The merger is expected to be completed in the second quarter of 2020 at which time the combined company will operate under the name Timber Pharmaceuticals. Following the merger, Timber shareholders will own 88.5 percent of the combined company and BioPharmX shareholders will own the remaining 11.5 percent. The officers and directors of Timber will become the officers and directors of the new company.
“This merger expands our resources and expertise to build momentum in our development programs targeting new therapies for underserved patient populations living with some of the most serious conditions in medical dermatology,” said John Koconis, CEO of Timber.
When the merger is completed, the combined company will also evaluate BioPharmX’s phase 3 ready proprietary topical minocycline gel programs for a strategic partnership, co-development or other non-dilutive value creation strategy. This product has previously been studied by BioPharmX in the treatment of inflammatory lesions of acne vulgaris and papulopustular rosacea.
Photo: John Koconis, CEO of Timber