Timber Pharmaceuticals Inc. (NASDAQ: TMBR) stock rises by 10.50% during pre-market trading followed by some positive developments. TMBR is a biopharmaceutical company that focuses on the development and commercialization of treatments exclusively for rare and common dermatologic diseases.
What is happening?
In Europe, AFT Pharmaceuticals Limited (“AFT”) has signed an exclusive license and supply agreement for Pascomer® (TMB-002 topical rapamycin) for the treatment of facial angiofibromas associated with Tuberous Sclerosis Complex with Desitin Arzneimittel GmbH.
The CEO of Timber Pharmaceuticals said that Rapamycin is a well-known inhibitor of inflammatory signaling in TSC, but it is only available as an oral agent in the United States and Europe, and it has been linked to significant systemic toxicity. Also that the management of TMBR is pleased to announce this agreement for the development of TMB-002 in Europe, which they believe ensures the potential for this proprietary topical formulation to overcome the limitations of oral therapy and will benefit thousands of people suffering from FAs caused by TSC all over the world.
Timber and AFT signed a licensing and development agreement for TMB-002 in North America in 2019. Timber is entitled to a large portion of the economics (royals and milestones) of any licensing deal that AFT completes outside of North America, Australia, New Zealand, and Southeast Asia under the terms of this agreement.
- Another recent development in Timber Pharmaceuticals is that the Phase 2b CONTROL trial, which is testing TMB-001 (topical isotretinoin) in patients with mild to extreme congenital ichthyosis (CI), has now randomized 50% of the patients.
- The company also reported that the FDA’s Office of Orphan Products Development (OOPD), Orphan Products Clinical Trials Grants Program has awarded TMBR with the final tranche of a $1.5 million grant focused on clinical milestones in the development of TMB-001.