Timber Pharmaceuticals Announces Pricing of $15 Million Public Offering
November 03 2021 - 8:00AM
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
announced the pricing of its previously announced underwritten
public offering of 23,437,500 shares of its common stock (or common
stock equivalents) and accompanying warrants to purchase up to an
aggregate of 23,437,500 shares of common stock. Each share of
common stock (or common stock equivalent) is being sold together
with one warrant to purchase one share of common stock at a
combined public offering price of $0.64 per share of common stock
and accompanying common warrant, less underwriting discounts and
commissions. The warrants have an exercise price of $0.70 per
share, are exercisable immediately, and will expire five years
following the date of issuance.
H.C. Wainwright & Co. is acting as the sole
book-running manager for the offering.
In addition, Timber has granted the underwriter
a 30-day option to purchase up to an additional 3,515,625 shares of
its common stock and/or warrants to purchase up to an additional
3,515,625 shares of its common stock at the public offering price,
less underwriting discounts and commissions.
The gross proceeds from the offering to Timber,
before deducting underwriting discounts and commissions and other
offering expenses and excluding any proceeds that may be received
upon exercise of the warrants to purchase common stock and the
underwriter’s option to purchase additional shares of common stock
and/or warrants, are expected to be $15 million. This offering is
expected to close on or about November 5, 2021, subject to
customary closing conditions. Timber intends to use the net
proceeds from the offering for general corporate purposes,
including, but not limited to, ongoing research and pre-clinical
studies, clinical trials, the development of new biological and
pharmaceutical technologies, investing in or acquiring companies
that are synergistic with or complementary to the Company’s
technologies, and licensing activities related to the Company’s
current and future product candidates and working capital.
A shelf registration statement on Form S-3 (File
No. 333-255743) relating to the securities being offered was filed
with the U.S. Securities and Exchange Commission (the “SEC”) on May
4, 2021, and became effective on May 11, 2021. The
offering is being made only by means of a prospectus supplement and
accompanying prospectus that form a part of the shelf registration
statement. A preliminary prospectus supplement and
accompanying prospectus relating to the offering have been filed
with the SEC and are available on the SEC’s website, located
at www.sec.gov. Electronic copies of the final prospectus
supplement and accompanying prospectus relating to the offering,
when filed, may also be obtained from H.C. Wainwright &
Co., LLC, 430 Park Avenue, New York, NY 10022, by
email at placements@hcwco.com or by phone at (212)
856-5711.
This press release shall not constitute an
offer to sell or the solicitation of an offer to buy these
securities, nor shall there be any sale of these securities in any
state or jurisdiction in which such offer, solicitation or sale
would be unlawful prior to registration or qualification under the
securities laws of any such state or jurisdiction.
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.
Forward-Looking Statements
This press release contains forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995. All statements pertaining to Timber’s
expectations regarding future financial and/or operating results,
the public offering of Timber’s shares of common stock, including
as to the consummation of the offering described above and the use
of net proceeds therefrom, potential for our products and future
revenues or growth in this press release constitute forward-looking
statements.
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, such as
market and other conditions, 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, except as required by law.
For more information, contact:
Timber Pharmaceuticals, Inc. John
Koconis Chairman and Chief Executive
Officerjkoconis@timberpharma.com
Investor Relations:Stephanie PrincePCG
Advisory(646) 863-6341sprince@pcgadvisory.com
Media Relations:Adam DaleyBerry & Company
Public Relations(212) 253-8881adaley@berrypr.com
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