WOODCLIFF LAKE, N.J.,
May 18, 2020 /PRNewswire/ -- Timber
Pharmaceuticals, Inc., (NYSE American: TMBR), formerly known as
BioPharmX Corporation ("Timber" or the "Company"), a
biopharmaceutical company focused on the development and
commercialization of treatments for orphan dermatologic diseases,
today announced that its merger with Timber Pharmaceuticals LLC.
("Timber LLC") closed May 18, 2020.
The combined company will operate under the name Timber
Pharmaceuticals, Inc., and its shares will commence trading on the
NYSE American market at the open of trading on May 19, 2020, under the ticker symbol "TMBR".
Pursuant to the closing of the merger, all of Timber LLC's
outstanding units were converted into the Company's common stock.
As a result of the merger, approximately 11,867,923 shares of
the Company were outstanding as of May 18,
2020, after taking into account the previously announced
1-for-12 reverse stock split that became effective at the close of
trading on May 18, 2020. Timber
LLC will operate as a wholly-owned subsidiary of the Company.
Immediately prior to the merger, Timber LLC completed a private
placement financing resulting in gross proceeds of $25 million under the terms of the securities
purchase agreement previously announced in March 2020.
John Koconis, Chief Executive
Officer of Timber, commented, "We are excited to have completed
this merger and welcome the BioPharmX shareholders to Timber. 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. 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."
A Current Report on Form 8-K containing more detailed
information regarding the merger transaction and the Company's
financing will be filed with the Securities and Exchange
Commission.
About Timber Pharmaceuticals, Inc.
Timber Pharmaceuticals, Inc. is a biopharmaceutical company
focused on the development and commercialization of treatments for
orphan dermatologic diseases. The Company's investigational
therapies have proven mechanisms-of-action backed by decades of
clinical experience and well-established CMC (chemistry,
manufacturing and control) and safety profiles. The Company is
initially focused on developing non-systemic treatments for rare
dermatologic diseases including congenital ichthyosis (CI),
tuberous sclerosis complex (TSC), and localized scleroderma. For
more information, visit https://www.timberpharma.com/.
Forward-Looking Statements
This press release contains certain forward-looking statements
within the meaning of Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934 and Private
Securities Litigation Reform Act, as amended, including those
relating to the Company's product development, clinical and
regulatory timelines, market opportunity, competitive position,
possible or assumed future results of operations, business
strategies, potential growth opportunities and other statements
that are predictive in nature. These forward-looking statements are
based on current expectations, estimates, forecasts and projections
about the industry and markets in which we operate and management's
current beliefs and assumptions.
These statements may be identified by the use of forward-looking
expressions, including, but not limited to, "expect," "anticipate,"
"intend," "plan," "believe," "estimate," "potential, "predict,"
"project," "should," "would" and similar expressions and the
negatives of those terms. These statements relate to future events
or our financial performance and involve known and unknown risks,
uncertainties, and other factors which may cause actual results,
performance or achievements to be materially different from any
future results, performance or achievements expressed or implied by
the forward-looking statements. Such factors include those set
forth in the Company's filings with the Securities and Exchange
Commission. Prospective investors are cautioned not to place undue
reliance on such forward-looking statements, which speak only as of
the date of this press release. The Company undertakes no
obligation to publicly update any forward-looking statement,
whether as a result of new information, future events or
otherwise.
SOURCE Timber Pharmaceuticals, Inc.