Timber Pharmaceuticals Announces Closing of Exercise of Underwriter’s Option to Purchase Additional Common Stock

Underwritten Public Offering Resulted in Total Gross Proceeds of $17.25 Million

Basking Ridge, NJ, Nov. 09, 2021 (GLOBE NEWSWIRE) -- via NewMediaWire -- Timber Pharmaceuticals, Inc. (“Timber” or the “Company”) (NYSE American: TMBR), a biopharmaceutical company focused on the development and commercialization of treatments for rare and orphan dermatologic diseases, today announced that the underwriter of its previously announced underwritten public offering which closed on November 5, 2021 has exercised in full the remainder of its option to purchase an additional 3,515,625 shares of its common stock at the public offering price, less underwriting discounts and commissions. After giving effect to the sale of 3,515,625 additional shares pursuant to the exercise of the option, the total number of shares of common stock (or common stock equivalents) sold by the Company in the offering increased to 26,953,125, together with warrants to purchase up to 26,953,125 shares of common stock issued at the closing on November 5, 2021, for total gross proceeds of $17.25 million before deducting underwriting discounts and commissions and other offering expenses. 

H.C. Wainwright & Co. acted as the sole book-running manager for the offering.

Timber intends to use the net proceeds from the offering for general corporate purposes, including, but not limited to, ongoing research and pre-clinical studies, clinical trials, the development of new biological and pharmaceutical technologies, investing in or acquiring companies that are synergistic with or complementary to the Company’s technologies, and licensing activities related to the Company’s current and future product candidates and working capital.

A shelf registration statement on Form S-3 (File No. 333-255743) relating to the securities offered was filed with the U.S. Securities and Exchange Commission (the “SEC”) on May 4, 2021, and became effective on May 11, 2021. The offering was made only by means of a prospectus supplement and accompanying prospectus that form a part of the shelf registration statement.  A final prospectus supplement and accompanying prospectus relating to the offering have been filed with the SEC and are available on the SEC’s website, located at www.sec.gov. Electronic copies of the final prospectus supplement and accompanying prospectus relating to the offering may also be obtained from H.C. Wainwright & Co., LLC, 430 Park Avenue, New York, NY 10022, by email at [e-mail] or by phone at [phone].