Biotech Values

[DewDiligence]

BPMX reverse-merges into Timber Pharmaceuticals:

https://www.prnewswire.com/news-releases/biopharmx-and-timber-pharmaceuticals-announce-entry-into-merger-agreement-300994838.html

BioPharmX Corporation…and Timber Pharmaceuticals LLC ("Timber"), a privately held biopharmaceutical company focused on the development and commercialization of treatments for orphan dermatologic diseases, today announced that they have entered into a definitive merger agreement.

…As a condition to the closing of the Merger, Timber has agreed to secure not less than $20 million of financing for the combined company. The Merger is currently expected to be completed in the second calendar quarter of 2020. Upon completion of the Merger, BioPharmX will change its name to Timber Pharmaceuticals, Inc. and the officers and directors of Timber will become the officers and directors of BioPharmX.

…following the merger, (i) the Timber members, including the investors funding the $20 million investment, will own approximately 88.5% of the outstanding common stock of BioPharmX, and (ii) the BioPharmX stockholders will own approximately 11.5% of the outstanding common stock…

In other words, BPMX’s only value is its public listing.