Timber Pharmaceuticals Provides Business Update and Announces Third Quarter 2020 Financial Results
November 12 2020 - 4:53PM
via NewMediaWire -- 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 of
2020, ended September 30, 2020.
John Koconis, Chief Executive Officer of Timber,
commented, “During the third quarter the management team of Timber
has been working hard on all fronts of the Company’s operations.
This includes advancing our two ongoing Phase 2b clinical trials
for orphan indications, exploring strategic options for the two
assets acquired from BioPharmX Corp, and investigating options to
improve the capital structure of the Company. We are also focused
on increasing the efficiency of our operations, as evidenced by the
cash used in operations for the nine months ended September 30,
2020 was only $6.6 million, compared to cash used in operation for
the six months ended June 30, 2020 of $5.1 million, or a cash burn
of $1.5 million in the quarter ended September 30, 2020. At
September 30th, our cash balance was $12.0 million.”
“With worldwide COVID-19 cases rising, we are
actively working with and monitoring our testing sites to reduce
the potential for impact on our two trials, which together are
taking place at 27 locations in 10 countries around the world. In
July, we announced that all 11 sites across the U.S. and Australia
participating in the Phase 2b CONTROL study evaluating TMB-001,
topical isotretinoin for Congenital Ichthyosis, a rare disorder
with no U.S. Food & Drug Administration (FDA) approved
treatments, were open and enrolling patients. At the same time, we
also announced that 70% of the sites participating in the Phase 2b
clinical trial evaluating TMB-002, topical rapamycin for the
treatment of facial angiofibromas (FAs) in tuberous sclerosis
complex (TSC), were open and enrolling patients. Currently, the
TMB-001 study is progressing according to plan. However, site
activation and patient enrollment have recently been impacted by
the COVID-19 pandemic in the larger and longer TMB-002 study,
especially at our contracted test sites in Eastern Europe. At
this time, we expect all sites to be opened by year-end 2020 and
are working closely with the sites to better estimate any delay to
the recruitment timelines.”
“We received $0.3 million in the third quarter
in connection with the $1.5 million grant funding awarded to us by
the FDA for TMB-001, bringing the total received to date to $0.6
million. The grant was awarded to us as part of the Orphan Products
Clinical Trials Grants Program of the FDA’s Office of Orphan
Products Development. With the expenses of the merger transaction
now behind us and the capital in hand to fund our programs, we are
fully focused on advancing our programs and driving toward our
goals against the backdrop of the COVID-19 environment,” concluded
Mr. Koconis.
For Timber’s complete financial results for the
period ended September 30, 2020, see the Company’s quarterly Form
10-Q filed with the Securities and Exchange Commission on November
12, 2020.
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 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 18, 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 Officer jkoconis@timberpharma.com
Investor Relations: Stephanie Prince PCG Advisory (646) 762-4518
sprince@pcgadvisory.com
Media Relations: Adam Daley Berry & Company Public
Relations (212) 253-8881 adaley@berrypr.com
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