Sol-Gel Technologies Ltd. has signed a $27 million development and licensing agreement with a US pharmaceutical company. This is the company's second agreement with a US pharmaceutical company for the development and commercialization in the US and Canada of a dermatologic drug.
Sol-Gel will receive a non-refundable payment, licensing fees, milestone payments, and royalties on future net sales. The US company will finance the product's development.
Sol-Gel already has a $25 million dermatology drug development and licensing agreement with the same company.
Sol-Gel CEO Dr. Alon Seri-Levy and Prof. David Avnir of the Hebrew University of Jerusalem founded the company in 1997 based on micro-encapsulation performed through silica chemical processes. Based in Ness Ziona, it develops dermatology drugs delivered by patented systems designed to enhance the efficacy and safety of topical drugs. The company has five products in its pipeline, ranging from the preclinical stage through the registration stage for its acne treatment.
Investors include Jerusalem Venture Partners (JVP), Medica Venture Partner, Millennium Material Technologies Fund, Challenge Fund - Etgar, Evergreen Venture Partners, Argonaut Private Equity, DSM Venturing, and the Jesselson Family Fund.
Seri-Levy said, "This repeat collaboration reinforces Sol-Gel’s position as a leading player in the development of encapsulation technologies for application to topical drug products."
Published by Globes [online], Israel business news - www.globes-online.com - on February 21, 2012
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