Home Trending Stocks Why Timber Pharmaceuticals Inc (TMBR) stock surged in the after-hours on Friday?

Why Timber Pharmaceuticals Inc (TMBR) stock surged in the after-hours on Friday?

Timber Pharmaceuticals Inc (TMBR) stock lost 1.95% in the normal trading session on Friday, April 23, 2021, but in the after-hours session, it gained 7.28%.  TMBR shares have fallen by -59.34% over the last 12 months, and they have moved up by 2.72% in the past week. Over the past three months, the stock has gained 32.46%, while over the past six months, it has shed -0.66%.

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 New Appointments

On April 23, 2021, Timber Pharmaceuticals Inc. appointed chief Executive Officer John Koconis as Chairman of the Board of Directors. The company also appointed Edward J. Sitar as Lead Independent Director of the Board and David Cohen, M.D. as Chair of the Company’s new Science and Technology Committee.


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Upcoming Annual Meeting of Shareholders

On April 02, 2021, Timber PharmaceuticalsInc. announced the date for its Annual Meeting of Shareholders.

The meeting is scheduled for 1:00 pm EDT on Thursday, June 3, 2021.

The company also filed its audited consolidated financial statements for the fiscal year ended December 31, 2020, on Form 10-K with an audit report from its independent accounting firm.

Financial results

On March 23, 2021, Timber Pharmaceuticals Inc reported its financial results for the fiscal year ended December 31, 2020.

  • Timber’s revenue for the year consisted of $0.5 million of grant revenue which represented the second tranche of the $1.5 million grant awarded by the UFDA for the development of lead asset TMB-001.
  • On December 31, 2020, Timber had $10.4 million in cash.
  • Timber Pharmaceuticals ended the year with 27.1 million shares outstanding.

Licensing Agreement for Pascomer

On March 17, 2021, AFT Pharmaceuticals Limited, which is a development partner of Timber Pharmaceuticals signed an exclusive license and supply agreement for Pascomerin Europe with Desitin Arzneimittel.

Pascomeris used for the treatment of facial angiofibromas (FA) associated with Tuberous Sclerosis Complex (TSC) in Europe.

 50% Enrollment in Phase 2b for Congenital Ichthyosis

On March 15, 2021, Timber PharmaceuticalsInc. announced a 50 percent enrollment of patients in the Phase 2b CONTROL study assessing TMB-001 in patients with moderate to severe congenital ichthyosis (CI).

The Company also received the final grant of $1.5 million from the U.S. Food & Drug Administration Office of Orphan Products Development (OOPD) Orphan Products Clinical Trials Grants Program based on clinical milestones in the development of TMB-001.

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Conclusion

Well, there is no other news except the new appointments which we do not think so is the reason behind its turnaround on Friday. At this moment it is hard to predict that how TMBR stock will perform at the start of the new week.

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