Dermatology co Foamix mulls Nasdaq IPO
The company, founded 20 months ago, plans to conduct a Phase III trial of its foam-based treatment in 2011.
Otic Pharma Ltd. has successfully completed the Phase II clinical trial for its innovative foam-based treatment for ear infections.
Otic Pharma was founded by chairman Dr. Gad Riesenfeld, formerly president of Pharmos Corporation's (Nasdaq: PARS) US subsidiary, and COO Dr. Rodrigo Yelin, formerly director of computational genomics at Evogene Ltd. (TASE:EVGN). The company's product is based on research by co-founder Dr. Eran Eilat.
Otic Pharma believes that it can begin a Phase III clinical trial of its product in 2011, on the basis of the Phase II trial results. The Phase II trial was not based on US Food and Drug Administration (FDA) protocols.
Otic Pharma's foam-based products for treating disorders in the ear canal aim to overcome the disadvantages of ear drops, including ineffective delivery to the infection site deep in the ear canal, the dribbling of the ear drops out of the year, the acrobatics needed to delivery them, and the need to lie down for the drops to reach the infection site.
Riesenfeld said, "Parents tell me that ear drops are a nightmare for their children, and it's almost impossible to administer them."
Otic Pharma's patented foam formulation contains antibiotics. Later the company plans to develop a combined antibiotics and steroid formula, which the most common treatment for ear infections. The company's device resembles a spray bottle with a thin, long, and flexible tip, which is easily inserted into the ear. Pressing on the nozzle releases a single dose of the foam, which fills the ear canal. The foam stays within the ear canal, gradually releasing the drug all along its length.
Otic Pharma was founded 20 months ago at Peregrine Ventures' Incentive Technological Incubator. The company has raised $650,000 to date. Riesenfeld and Yelin are its only full-time employees.
Published by Globes [online], Israel business news - www.globes-online.com - on January 12, 2010
© Copyright of Globes Publisher Itonut (1983) Ltd. 2010
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