Welcome to our dedicated page for Timber Pharmaceuticals news (Ticker: TMBR), a resource for investors and traders seeking the latest updates and insights on Timber Pharmaceuticals stock.
Timber Pharmaceuticals, Inc. (NYSE American: TMBR) is a clinical-stage biopharmaceutical company dedicated to the development and commercialization of treatments for rare and orphan dermatologic diseases. Founded in 2019 and headquartered in Woodcliff Lake, New Jersey, Timber specializes in non-systemic therapies aimed at conditions like congenital ichthyosis (CI) and sclerotic skin diseases. The company leverages proven mechanisms-of-action, backed by extensive clinical experience and well-established chemistry, manufacturing, and control (CMC) and safety profiles.
Timber has been actively engaged in several high-impact projects. The company recently entered into a definitive agreement to be acquired by LEO US Holding, Inc., a subsidiary of LEO Pharma A/S, in a transaction valued at up to $36 million. This deal includes an initial upfront consideration of $14 million and potential additional payments of up to $22 million, contingent upon achieving specific milestones for TMB-001, Timber's lead candidate for the treatment of congenital ichthyosis. The merger, which is expected to close in the fourth quarter of 2023, will convert all outstanding shares of Timber into the right to receive the initial consideration, subject to certain deductions.
In addition to the merger, Timber is navigating through a Chapter 11 reorganization process, having filed voluntary petitions on November 17, 2023. The U.S. Bankruptcy Court for the District of Delaware approved all initial motions, including $3 million in interim funding via a debtor-in-possession (DIP) financing facility provided by LEO US Holding, Inc. This funding aims to support the company's ongoing operations, particularly the Phase 3 ASCEND study for TMB-001.
Timber's innovative approach and strategic partnerships, including the recent acquisition deal with LEO Pharma, position the company to make significant advancements in the field of dermatology. For more detailed information, investors can visit Timber Pharmaceuticals' official website.
Timber Pharmaceuticals announced significant progress with its lead asset, TMB-001, which has received orphan drug designation from the European Commission for two severe types of congenital ichthyosis (ARCI and XLRI). The company has achieved 50% enrollment in its Phase 3 ASCEND clinical trial, launched in June 2022, following positive FDA interactions earlier in the year. Timber also secured Breakthrough Therapy and Fast Track designations for TMB-001. Financial results showed revenues of $83,177 for 2022, a decrease from $886,532 in 2021, with approximately $9.1 million in cash at year-end. The company is exploring partnerships to fund ongoing operations.
Timber Pharmaceuticals (TMBR) has announced positive results from a sub-analysis of its Phase 2b CONTROL study of TMB-001, a topical isotretinoin for treating congenital ichthyosis (CI).
The study found significant improvements among participants with both autosomal recessive congenital ichthyosis (ARCI) and X-linked recessive ichthyosis (XLRI) in achieving primary and secondary endpoints. In the intent-to-treat population, 33% to 100% of participants with ARCI and XLRI showed a 50% reduction in Visual Index for Ichthyosis Severity (VIIS) compared to vehicle treatments.
Results support continued development of TMB-001, which has orphan designation in Europe, as a promising alternative to systemic therapies.
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