Timber Pharmaceuticals Inc., formerly BioPharmX Corporation, has finalized a merger with Timber Pharmaceuticals LLC, according to a press release.
The merged company is now trading on the New York Stock Exchange under the ticker symbol TMBR and operating under the name Timber Pharmaceuticals Inc.
“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 CEO John Koconis said in the release. “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.”
All of Timber LLC’s outstanding units were converted into the company’s common stock, and 11,867,923 shares of the company were outstanding as of May 18, the release said.
Timber LLC will operate as a subsidiary of Timber Inc.