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Stock Alert: BioPharmX Shares Surge 37% In After Hours On Merger Approval News

Shares of BioPharmX Corp. (BPMX) jumped 18 cents or 37.35% to $0.65 in the extended trading session on May 13, after the announced that all proposals related to its proposed merger with Timber Pharmaceuticals LLC were approved by BioPharmX's stockholders at a special meeting held on May 13, 2020.

The proposed merger, which remains subject to further customary closing conditions and regulatory approvals, is expected to be closed on or about May 18, 2020.

Upon closing of the transaction, the combined company would change its name to "Timber Pharmaceuticals Inc." and it is anticipated that the shares would commence trading on the NYSE American market under the ticker symbol "TMBR."

The stock has been trading in the range of $0.25 - $1.30 for the past one year, and closed Wednesday's trade at $0.47, down 5 cents or 9.86%. Trading volume soared to 6.63 million versus an average volume of 1.65 million shares.

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