Timber Pharmaceuticals and BioPharmX Corp. inks merger agreement
Category: #health  By Saipriya Iyer  Date: 2020-01-30
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Timber Pharmaceuticals and BioPharmX Corp. inks merger agreement

A specialty pharmaceutical company, BioPharmX Corporation and a privately held biopharmaceutical company, Timber Pharmaceuticals LLC, which is focused on developing and commercializing treatments for orphan dermatologic diseases, recently announced to have inked a definitive merger agreement.

Under the terms of the agreement, subject to the approval of Timber's members and BioPharmX's stockholders, a fully--owned subsidiary of BioPharmX will be merged with Timber and Timber pharmaceuticals will be operating as a wholly-owned subsidiary of BioPharmX.

Timber has agreed to secure not less than USD 20 million of financing for the combined company, as per a condition to the closing of the Merger. The merger is expected to be completed by the mid of 2020, and upon its completion, BioPharmX will change its name to Timber Pharmaceuticals, Inc. Also, the directors and officers of Timber will become the officers and directors of BioPharmX.

John Koconis, CEO of Timber Pharmaceuticals was reportedly quoted saying that the team is exhilarated to reach a merger agreement with the leading specialty pharmaceutical, BioPharmX, which will provide the firm with the opportunity to trade its share in the public market once the merger is completed. The merger will help Timber expand its investor base as the firm strategically build its pipeline in rare dermatologic diseases, which have no approved treatments as yet.

Koconis, added saying that this merger will also aid in expanding the company’s resources and expertise, which will further facilitate development programs targeting new therapies for inadequately served patient pool with some of the most serious conditions in medical dermatology.

Followed by the closing of merger, the combined firm will also evaluate Phase 3 proprietary topical minocycline gel programs of BioPharmX for a co-development partnership or other non-dilutive value creation strategy. The product has already been studied by BioPharmX for the treatment of inflammatory lesions of papulopustular rosacea and acne vulgaris.
 

Source Credit: https://www.prnewswire.com/news-releases/biopharmx-and-timber-pharmaceuticals-announce-entry-into-merger-agreement-300994838.html



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Saipriya Iyer

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Saipriya Iyer

Saipriya Iyer develops content for Market Size Forecasters, Algosonline, and myriad other platforms. A computer engineer by profession, she ventured into the field of writing for the love of playing with words. Having had a previous experience of 3 years under her bel...

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