Sources inform ''Globes'' that Foamix Ltd., a developer of foam-based dermatology treatments, is considering an IPO on Nasdaq and that it is seeking underwriters. The company will attend a Cowan & Co. health conference.
The company confirmed that it is considering a Nasdaq IPO, but declined to disclose additional information.
Foamix was founded in 2003 and is run by CEO Dov Tamarkin. It has developed a number of treatments based on its proprietary technology that creates foam-based non-alcohol versions of dermatological treatments and cosmetic formulations. The foam is easier to apply than ointments, at least by some patients.
Foamix has an extensive portfolio of foam-based formulations, some of which it is developing independently, and others in collaboration with pharmaceutical companies, including India's Dr. Reddy Laboratories Ltd. (BSE: 500124; NYSE: RDY) and Warner Chilcott Inc. of the US. These agreements are the company's main source of revenue. It has stated that its revenue from collaboration agreements was $10 million in 2007-10.
Foamix's leading independent product is a foam formulation of an antibiotic which is currently only delivered orally. The product has successfully undergone efficacy studies for the treatment of acne and Impetigo, a skin disease.
The company has raised $10 million to date, including $5 million from Moshe (Mori) Arkin Arkin Holdings Ltd. in 2011.
One of Foamix's biggest competitors is Perrigo Company (NYSE:PRGO; TASE:PRGO), which acquired Arkin's Agis Pharmaceuticals. In 2012, Perrigo acquired Cobrek Pharmaceuticals, which also develops foam-based medications, for $45 million.
Published by Globes [online], Israel business news - www.globes-online.com - on March 11, 2014
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