OrbiMed Invests $16 Million in Derma Company Foamix
Foamix is a clinical-stage company developing specialty foam-based treatments for skin conditions such as acne
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Foamix is a clinical-stage company developing specialty topical foam treatments for unmet dermatological conditions. The company's leading pipeline products focus on acne and rosacea, a common and often chronic skin disease, and it has several licensing and development agreements with healthcare companies such as Bayer HealthCare AG. Founded in 2003, Foamix is based in Rehovot, a city in central Israel.
Under the agreement OrbiMed will acquire 2.94 million of Foamix's ordinary shares, at $5.5 per share. The shares will be under a lockup period of 60 days.Foamix was up 2.66% on Nasdaq by Monday's market close.