Timber Pharmaceuticals, Inc., (NYSE American: TMBR) (Timber or “the company"), formerly known as BioPharmX Corporation a biopharmaceutical company focused on the development and commercialization of treatments for orphan dermatologic diseases, announced the closing of its merger with Lowenstein client Timber Pharmaceuticals LLC (Timber LLC). The combined company will be managed by the former Timber LLC executives and operate under the name “Timber Pharmaceuticals, Inc.” Its shares commenced trading on the NYSE American market at the open of trading on May 19, 2020, under the ticker symbol "TMBR.”
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. The merger expands resources and expertise to build momentum in development programs targeting new therapies for underserved patient populations living with some of the most serious conditions in medical dermatology.
The merger was originally announced on January 28, 2020.