BASKING RIDGE, NJ - November 15, 2021 - Timber Pharmaceuticals, Inc. ("Timber" or the “Company”) (NYSE American: TMBR), a biopharmaceutical company focused on the development and commercialization of treatments for rare and orphan dermatologic diseases, today provided a business update and announced financial results for the third quarter ended September 30, 2021.
John Koconis, Chairman and Chief Executive Officer of Timber, commented, “In the third quarter Timber was excited to complete the Phase 2b CONTROL Study of congenital ichthyosis for its lead asset, TMB-001. The positive topline data was released in early October and demonstrated clinically meaningful efficacy with a favorable safety profile that supports continued development. We believe this data readout helped us to raise gross proceeds of $17.25 million of new capital, positioning Timber to proceed on its path toward a Phase 3 study. The new capital will also be used to complete the Phase 2b clinical trial evaluating TMB-002 (topical rapamycin) which recently completed enrolment, of which the top line data readout is expected in the third quarter of 2022. With new capital in place, we look forward to continuing to advance toward meeting the needs of patients with rare and orphan dermatologic diseases.”
For Timber’s complete financial results for the period ended September 30, 2021, see the Company’s quarterly Form 10-Q filed with the Securities and Exchange Commission on November 15, 2021.
About Timber Pharmaceuticals, Inc.
Timber Pharmaceuticals, Inc. is a biopharmaceutical company focused on the development and commercialization of treatments for rare and 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), facial angiofibromas (FAs) in tuberous sclerosis complex (TSC), and other sclerotic skin diseases. For more information, visit www.timberpharma.com.
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, intellectual property rights, 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 Annual Report on Form 10-K for the year ended December 31, 2020 as well as other documents filed by the Company from time to time thereafter 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.
For more information, contact:
Timber Pharmaceuticals, Inc.John Koconis Chairman and Chief Executive Officer email@example.com
Investor Relations:Stephanie Prince PCG Advisory (646) 863-6341 firstname.lastname@example.org
Media Relations:Jenna Urban Berry & Company Public Relations (212) 253-8881 email@example.com
- Tables Follow -Timber Pharmaceuticals, Inc. & Subsidiaries Condensed Consolidated Balance Sheets
|Three Months Ended September 30||Nine Months Ended September 30|
|Operating costs and expenses|
|Research and development||1,974,193||685,207||4,623,811||2,239,607|
|Research and development - license acquired||—||—||—||12,371,332|
|Selling, general and administrative||1,296,641||1,233,849||3,918,042||2,745,728|
|Total operating expenses||3,270,834||1,919,056||8,541,853||18,857,800|
|Loss from operations||(3,003,860)||(1,594,535)||(7,845,326)||(18,506,372)|
|Other (expense) income|
|Change in fair value of investment in BioPharmX||—||—||—||559,805|
|Change in fair value of warrant liability||—||4,423,833||—||5,607,293|
|Gain on foreign currency exchange||(1,544)||7,197||(541)||11,651|
|Total other (expense) income||(1,544)||4,431,030||(541)||2,578,658|
|Net (loss) income||(3,005,404)||2,836,495||(7,845,867)||(15,927,714)|
|Accrued dividend on preferred stock units||—||—||—||(52,669)|
|Cumulative dividends on Series A preferred stock||(36,685)||(36,685)||(108,858)||(53,831)|
|Net (loss) income attributable to common stockholders||$||(3,042,089)||$||2,799,810||$||(7,954,725)||$||(16,034,214)|
|Basic net (loss) income per share attributable to common stockholders||$||(0.08)||$||0.15||$||(0.22)||$||(1.32)|
|Diluted net (loss) income per share attributable to common stockholders||$||(0.08)||$||0.14||$||(0.22)||$||(1.32)|
|Basic weighted average number of shares outstanding||36,659,685||18,891,206||35,873,780||12,160,048|
|Diluted weighted average number of shares outstanding||36,659,685||19,357,370||35,873,780||12,160,048|