Israeli Skin Care Firm Plans to Raise $75 Million in New York IPO

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IDF soldiers at computers.Credit: IDF Spokesperson

Foamix, which is using a proprietary foam technology to develop topical treatments for acne, impetigo and other skin conditions, is planning to raise $75 million in an initial public offering in New York.

The company last week filed a draft prospectus with the U.S. Securities and Exchange Commission for an offering that would value the company at less than $200 million.

Its two lead products, FMX 101 and FMX 102, have both completed Phase II clinical trials and are slated to begin Phase III trials next year, the Rehovot-based company said.

It also has development and license agreements with pharmaceutical majors like Bayer, Merz and Actavis, to apply its foam technology to their products Foamix was formed in 2003.

Its biggest shareholders are Chief Executive Dov Tamarkin with 21.1% and Chairman and Chief Operations Officer Meir Eini with 21.5%.

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