Shots:

• Timber will become the wholly-owned subsidiary of BioPharmX and holds ~ 88.5% of the common stock of BioPharmX while the remaining stocks will be own by the company itself. BioPharmX will be renamed to Timber with the expected completion of the merger in Q2’20
• Timber to invest ~$20M in the combined company while both the companies have the right to terminate the agreement further paying termination fee under specified circumstances. Additionally- Timber has made bridge loan to BioPharmX of ~$2.25M in exchange Timber received warrant to purchase ~2.3M shares of BioPharmX common stock at a nominal exercise price   
• On the closure of the merger- the combined company will evaluate BioPharmX’s P-III topical minocycline gel programs- previously targeted for inflammatory lesions of acne vulgaris and papulopustular rosacea. The merger allows BioPharmX’s stakeholders to participate in Timber’s pipeline including TMB-001- TMB-002 and TMB-003

Click here ­to­ read full press release/ article | Ref: PRNewswire | Image: BioPharmX