Foamix Pharmaceuticals, an Israeli biotech developing topical foam treatments for a range of dermatological treatments, has announced terms for its IPO. The Rehovot-based company plans to raise $65 million, according to a press release from IPO investment firm Renaissance Capital.
Foamix is set to enter Phase III trials for its lead candidate, a 4% minocycline foam formulation acne treatment, in 2015. It is also targeting 2015 to begin Phase 3 trials for its treatment of impetigo, a bacterial skin infection that primarily affects young children. The company expects to develop both candidates through the FDA’s 505(b)(2) regulatory pathway for faster approval.
“Foam is a much better treatment method for children, who are usually very sensitive to having creams and ointments rubbed into their skin. They are not readily agreeable to treatment mechanisms like these because they find them painful. Now, because Foamix foams dissolve and absorb into the skin immediately upon application, they don’t sting or hurt,” founder Dr. Dov Tamarkin told ISRAEL21c in an earlier interview.
Foamix has entered licensing agreements with Bayer, Merz and Actavis for its foam technology, and has received about $15 million from these partners to date, according to the press release.
The company is owned primarily by management and Israel-based private investors.