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.”
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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.
Source: BioSpace