Timber Raises $25 Million, Completes Reverse Merger
May 19, 2020
Rare Daily Staff
Timber Pharmaceuticals said it completed a $25 million private placement, a move that allowed it to close its previously announced reverse merger with BioPharmX.
The newly merged company will focus on developing therapies for rare dermatologic conditions. It will trade on the NYSE American Market to starting May 19, 2020 under the symbol “TMBR.”
The combined company has a pipeline with two phase 2b programs in development for the treatment of the rare skin conditions congenital ichthyosis and facial angiofibromas.
It also has BioPharmX’s two phase 3-ready topical minocycline programs. For those programs, the company said it would consider a strategic partnership, co-development, or other non-dilutive value creation opportunity. The topical minocycline is in development for treatment of inflammatory lesions of acne vulgaris and papulopustular rosacea.
“With the completion of the $25 million financing that is expected to fund our two late stage product candidates through multiple key clinical development milestones, we believe Timber is well positioned for its transition into a public company,” said John Koconis, CEO of Timber. “Timber’s business model, which is focused on orphan dermatologic indications, is currently conducting two phase 2b clinical trials on two of our product candidates and we look forward to realizing the value of our pipeline to the benefit of all of Timber’s stakeholders.”
Photo: John Koconis, CEO of Timber
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