Timber Pharmaceuticals Provides Business Update and Announces Second Quarter 2020 Financial Results
August 18 2020 - 04:10PM
via NEWMEDIAWIRE -- Timber Pharmaceuticals, Inc. ("Timber" or the
“Company”) (NYSE American: TMBR), a biopharmaceutical company
focused on the development and commercialization of treatments for
orphan dermatologic diseases, today provided a business update and
announced financial results for the second quarter of 2020, ended
June 30, 2020.
“Since Timber became a public company in mid-May,
we have continued to execute on our strategic plan to develop and
commercialize treatments for orphan and rare dermatologic diseases.
Orphan and rare dermatology remains a very attractive market for
Timber, as we believe the seven years of U.S. market exclusivity
provided for the drugs in our strategic pipeline will enable them
to reach considerable value in the marketplace,” said John Koconis,
Chief Executive Officer of Timber.
“During the second quarter we announced that all
11 sites in the CONTROL trial are open for TMB-001, and a
significant portion have also opened for TMB-002, enabling us to
expand the enrollment of patients in each of the Phase 2b clinical
trials. We expect to complete the enrollment of patients in both
the TMB-001 and TMB-002 studies during the early months of 2021. We
are also working to advance the strategic options for the two
assets we obtained in the merger with BioPharmX. We believe these
efforts are strengthened by the notice we recently received from
the European Patent Office (EPO) that it intends to grant a patent
for the Company’s topical composition of pharmaceutical
tetracycline (including minocycline) for dermatological use.
Patents covering the BPX-01 and BPX-04 assets have previously been
granted in the United States, South Africa and claims related to
the patents have been allowed in Australia.
“We encountered significant one-time charges and
expenses in connection with our merger and financing which are now
behind us. We expect that our cash balance of nearly $14 million
will fund our trials and operations through the completion of both
the current TMB-001 and TMB-002 studies, which are expected to
conclude in Q3 2021. With the merger-related costs now behind us,
the Phase 2b clinical trials well underway, and supported by a
strong balance sheet, we believe that Timber is well positioned to
achieve its goals,” concluded Mr. Koconis.
For Timber’s complete financial results for the
period ended June 30, 2020, see the Company’s quarterly Form 10-Q
filed with the Securities and Exchange Commission on August 18,
2020.
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), facial angiofibromas (FAs) in tuberous
sclerosis complex (TSC), and localized scleroderma. For more
information, visit 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 Form 10-Q filed on
August [●], 2020 and its other 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.
For more information,
contact:
Timber Pharmaceuticals, Inc. John
Koconis Chief Executive Officerjkoconis@timberpharma.com
Investor Relations:Stephanie PrincePCG
Advisory(646) 762-4518sprince@pcgadvisory.com
Media Relations: Adam DaleyBerry &
Company Public Relations (212) 253-8881adaley@berrypr.com
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