Timber Pharmaceuticals Inc. (NYSEAMERICAN: TMBR) has offered a corporate update and released its Q3 financial results for the quarter ending September 30, 2021.
Timber released TMB-001 study results
The company finalized the phase 2b CONTROL congenital ichthyosis study for its flagship candidate, TMB-001, in Q3 2021 and released top-line results. TMB-001 is a topical isotretinoin formula that uses the company’s patents IPEG delivery system, and it showed a favorable safety profile showing potential to be an option for moderate to severe CI treatment. Currently, there are no FDA-approved CI treatments, and the company is planning for an end-of-phase two meeting with the FDA at the start of 2022.
Timber also finalized recruitment in the ongoing phase 2b study evaluating TMB-002 for facial angiofibromas treatment in tuberous sclerosis complex at the end of Q3 2021. The company expects to report data from the study after six months since the last patient is enrolled.
CEO John Koconis said, “In the third quarter Timber was excited to complete the Phase 2b CONTROL Study of congenital ichthyosis for its lead asset, TMB-001. The positive topline data was released in early October and demonstrated clinically meaningful efficacy with a favorable safety profile that supports continued development. We believe this data readout helped us to raise gross proceeds of $17.25 million of new capital, positioning Timber to proceed on its path toward a Phase 3 study. The new capital will also be used to complete the Phase 2b clinical trial evaluating TMB-002 (topical rapamycin) which recently completed enrolment, of which the top line data readout is expected in the third quarter of 2022.”
Timber raised $17.25 million from a share offering.
The company ended the quarter with $3.4 million in cash before a capital raise of $17.25 million that closed at the beginning of the month. In addition, the company offered 26.95 million shares and 26.95 million warrants. Timber acknowledged revenue of around $266,974 in Q4 2021 comprising of reimbursements because of attaining clinical milestones in TMB-001 development, TMB-002 milestone payment for AFT licensing agreement, and part of the FDA’s Orphan Product Clinical Trials Grant Program.
