Timber takes reverse IPO route to fund orphan dermatology candidates
A reverse merger between BioPharmX (NYSE: BPMX) and Timber Pharmaceuticals has been agreed, giving the latter a quick and easy route to public markets to help develop its novel dermatology candidates.
Founded in 2014, BioPharmX stock traded in the $50-$100 range for a year or so before losing steam. Shares now change hands for less than a dollar, and the deal will allow shareholders to recoup some value from their investment.
Subject to final sign-off, a wholly-owned subsidiary of BioPharmX will be merged with Timber. The resulting entity will become a part of BioPharmX, which will be rebranded Timber Pharmaceuticals.
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