Timber pharmaceuticals announces $1.3 million registered direct offering

Basking ridge, nj, oct. 03, 2022 (globe newswire) -- via newmediawire – timber pharmaceuticals, inc. (“timber” or the “company”) (nyse american: tmbr), a clinical-stage biopharmaceutical company focused on the development and commercialization of treatments for rare and orphan dermatologic diseases, today announced that it has entered into a securities purchase agreement with several institutional accredited investors to sell in a registered direct offering (i) 13,000,000 shares of the company's common stock, par value $0.001 per share (the “common stock”), and (ii) series 1 common warrants (the “series 1 warrants”) to purchase up to an aggregate of 13,000,000 shares of common stock at a purchase price of $0.10 per share and associated warrant. the series 1 warrants will be immediately exercisable at an exercise price of $0.10 per share and will expire two and one-half years following the initial exercise date.
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