Timber Pharmaceuticals jumps on European 'orphan drug' tag for skin disorder therapy

Trex Wind-Down

24/02/2023 18:56

** Shares of Timber Pharmaceuticals Inc  TMBR.A  soar 38% to $2.76, among
top pct. gainers across U.S. exchanges
    ** Stock set for its biggest one day pct. rise in over six months, if gains
hold
    ** Co says it received the European Commission's 'orphan drug' designation
for TMB-001 in a type of ichthyosis, a skin disorder
    ** TMB-001 is in development for the treatment of ichthyosis, a condition
that causes widespread and persistent thick, dry, "fish-scale" skin
    ** Orphan drug designation is for treatments for rare diseases that are
life-threatening or chronically debilitating that affect fewer than five in
10,000 people across the European Union
    ** Co lost ~91% in 2022
 (Reporting by Sriparna Roy)
 ((Sriparna.Roy@thomsonreuters.com;))