April 16th, 2021 has seen Timber Pharmaceuticals, Inc. (TMBR) stock prices experience a sharp decline of more than 14%, dropping down to USD$1.5192.
TMBR at the End of 2020
Financial reports for the fiscal year ending December 31st, 2020 were announced by TMBR near the end of March 2021. The CEO reported progress on all fronts in Q4 2020, highlighting the company’s striving to contain costs and keep its operating structure lean and efficient, as indicated by reports of 2020 having ended with TMBR having USD$10.4 million cash in hand.
Where is TMBR headed?
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Owing to a waiver agreement and the exercising of warrants in Q4 2020, TMBR finds itself having a firmer financial foothold to achieve its strategic goals. With the capital generated, TMBR anticipates reaching top-line data readouts for their two ongoing Phase 2b trials.
Promising Development in Clinical Studies
Despite the disruption because of the ongoing pandemic, 50% of the patients in the Phase 2b CONTROL study were announced to have been randomized by early March. TMBR anticipates the conclusion of enrollment for their Phase 2b clinical studies for TMB-001 and TMB-002 in 2021. They also expect an End-of-Phase 2 meeting with the FDA in Q4 of 2021, and a topline data readout in Q3 2021.
Successful Patenting of TMB-001
TMBR announced they had been issued a patent that covers the pharmaceutical isotretinoin composition of TMB-001. January 21 2021 also saw the company announce that TMB-003 had been issued orphan drug designation by the FDA.
European Distribution of Pascomer
Around mid-March of 2021, TMBR announced the signing of an exclusive license and supply agreement between a third party and TMBR’s development partner, AFT Pharmaceuticals Limited, for Pascomer throughout Europe. This agreement will see TMBR collecting a sizeable percentage of the finances of this deal in the form of royalties and milestones. Furthermore, this deal serves to validate TMBR’s program, potentially increasing investor confidence.
Will TMBR Continue to Plummet?
With all these developments taking place, current investors are hoping the downtrend will quickly be reversed and TMBR stock prices will subsequently start their (hopefully sustained) climb upwards.