Published On: Tue, Sep 2nd, 2014

Israeli Acne Treating Startup Wants $75 Million in IPO


Israeli startup Foamix Ltd, which makes foams used for drug delivery and has recently developed a new treatment for acne, has announced plans for an IPO in which it expects to raise more than $75 million. The company hopes to attain a valuation of as much as $200 million.

Investment banks Oppenheimer and Maxim are leading the offering, which was filed last month.

Foamix Ltd. is a clinical-stage, privately held specialty pharmaceutical company, focused on the development of proprietary topical foams and OilGel products for dermatology, gynecology, wounds and burns as well as ophthalmic disorders.

The Company collaborates with global pharmaceutical companies in the creation of advanced products with improved convenience, higher compliance and better efficacy, which are backed by an extensive patent portfolio

Its first marketed product, Scytera, was launched in the U.S. by Dr. Reddy’s in early 2009.

Dov Tamarkin, Foamix’s CEO, told MarketWatch, “Our operation is expanding rapidly. In order to support our relationships with our pharmaceutical partners, we need to expand our abilities. We are (also) building our own pipeline of products for new drug applications.”

Founded in 2003 and based in Rehovot at the Weizmann Science Park, Foaxmix booked $3 million in licensing agreements for the 12 months ended June 30, 2014. It currently has 24 employees.

Foamix has a strong in house pipeline of drugs for dermatologic, ophthalmologic and gynecologic indications. Its development capabilities range from initial development of the formulations to scale up, GMP manufacturing, preclinical and clinical studies.

The Company’s lead product under development is the Topical 4% Minocycline Foam formulation which addresses large markets in dermatology and ophthalmology. Minocycline foam demonstrated high efficacy and favorable safety in two phase II clinical studies in Acne and Impetigo patients. . The company expects to enter Phase 3 trials for it in 2015.

Foamix also offers a patent-pending ‘Metered Dose Dispenser’ for controllable dosing, user convenience & product application efficiency; and a ‘Dual Chamber Device’, for the simultaneous delivery of two incompatible topical drugs.

To date, Foamix has 55 granted patents worldwide, including 20 issued patents in the U.S., covering its foam and OilGel technology platforms. Additionally, the company has more than 135 patents and patent applications worldwide, of which about 70 applications are filed in the U.S.

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