Foamix Pharmaceuticals, an Israeli biotech developing topical foam treatments for various skin diseases, filed a draft prospectus on Wednesday with the SEC to raise up to $75 million in an initial public offering. The company expects to enter Phase III trials for its lead candidate, a 4% minocycline foam formulation for treating acne, in 2015.
The Weizmann Science Park, Israel-based company was founded in 2003 by CEO Dov Tamarkin and Chairman and COO Meir Eini, both of whom previously founded medical equipment companies. Tamarkin also served as Senior VP of R&D at Teva Pharmaceutical Industries Ltd. Each of them owns 21% of Foamix.
The company’s unique foam technology is combined with existing drugs in order to develop new versions of these products that can be spread on the skin as foam. It also develops independent products; two of its leading products are an antibiotic foam for treating acne and an antibiotic foam for treatment of a skin disease called impetigo.
Foamix plans to list on the NASDAQ under the symbol FOMX. The company value for the offering has not yet been set, but is expected to be in the $100-200 million range, after money. Foamix initially filed confidentially on May 20, 2014. No pricing terms were disclosed.
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