Sunday, January 21, 2007

Foamix licenses dermatological product to German co

Potential revenue from the license could total tens of millions of dollar.
Gali Weinreb 14 Jan 07 19:40
Foamix Ltd. has signed a worldwide licensing agreement with dermatology products company Intendis GmbH, a fully owned subsidiary of Bayer Schering Pharma AG, for Foamix’s dermatology foam. The company declined to name the product.
Foamix told “Globes” that the target market was over $1 billion, and potential revenue from the license could total tens of millions of dollars, including the initial payment, payments upon reaching certain milestones, and royalties in the event of success. The product is based on an alcohol-free foam developed by the company.


Foamix was founded with a $5 million investment, and is owned by the company’s entrepreneurs and private investors. The company expects to become profitable this year, and is considering a public offering.

Published by Globes [online], Israel business news - www.globes.co.il - on January 11, 2007

© Copyright of Globes Publisher Itonut (1983) Ltd. 2006

Maayan Ventures medical device co Applisonix set for IPO

The company plans to raise NIS 33-35 million in shares and convertible bonds.
Gali Weinreb 18 Jan 07 13:11
Maayan Ventures Ltd. (TASE:MAYN) medical devices subsidiary Applisonix Ltd. has filed a prospectus to raise NIS 33-35 million in shares and convertible bonds in an IPO on the Tel Aviv Stock Exchange (TASE). Maayan Ventures owns 27.2% of the company.
AppliSonix has already obtained commitments from investment institutions for 80% of the offering. The public tender will be held on January 25. The underwriters are Altshuler Shacham Management Underwriters & Investments Ltd., Excellence Nessuah Underwriting (1993) Ltd., and Leader Underwriters (1993) Ltd.


AppliSonix is developing an ultrasonic depilatory device that delivers ultrasonic waves to the hair root, damaging it ability to function for an extended period. The product will first be developed for use by doctors and cosmeticians, but the company hopes to develop a product for use at home. The company said that its product is more effective and safer than laser or visible wavelength-based depilatory devices, and that it can be used by both blondes and brunettes.

AppliSonix can force the conversion of its convertible bonds if it meets the determining event of a Phase I clinical trial on at least 20 patients by an expert plastic surgeon who testifies that the device is at least as safe and effective as competing devices. This doctor may not have any business or family connection to the company, but he may be paid for the tests and opinion. The company believes that this determining event will be made during the second quarter of 2008.

AppliSonix has already developed a prototype, and it is due to undergo abbreviated US Food and Drug Administration (FDA) marketing approval procedure (510k). If all goes according to plan, the product’s market launch will be in 2009.

AppliSonix has raised $4.5 million to date from Maayan Ventures, Israel Infinity Venture Capital, Athena Cyprus, Cyventure Capital, Magari Ltd. and the Office of the Chief Scientist. The company lost NIS 3.8 million in January-September 2006, mainly because of R&D costs.

Published by Globes [online], Israel business news - www.globes.co.il - on January 18, 2007

© Copyright of Globes Publisher Itonut (1983) Ltd. 2007

I have a personal interests in both Maayan and Applisonix

Wednesday, January 10, 2007

Foamix collaborates with Warner Chilcott on acne treatment

Foamix collaborates with Warner Chilcott on acne treatment

Foamix will receive an initial payment of several hundred thousand dollars, and subsequent payments based on milestones, and royalties.

Gali Weinreb 8 Jan 07 16:01

Foamix Ltd. and Warner Chilcott Company Inc. (Nasdaq:CRWX) have signed an agreement to jointly develop an antibiotic foam for the treatment of acne. The product will be based on an oral antibiotic treatment for which no company has yet been able to create effectively in an ointment or local form.

Foamix told “Globes” today that it has already developed a preliminary foam version for spreading, and it believes that it will succeed where other companies have failed.

Warner Chilcott will initially pay Foamix several hundred thousand dollars to finance product development. Warner Chilcott will be responsible for obtaining product approval, licensing and marketing. If the product succeeds, the joint development agreement will become a licensing agreement, and Foamix will receive payments on the basis of milestones, as well as royalties. Foamix says its product will come on the market in 2010 or 2011.

The US acne treatment market alone amounts to $1 billion a year.

Foamix CEO Dr. Dov Tamarkin said, “We are very proud to partner with an industry leader such as Warner Chilcott. Foam offers properties that increase usability, encourage compliance and boost user satisfaction. Foamix foams are alcohol-free and able to effectively deliver a broad range of actives.”

Foamix is developing a range of foam-based treatments. The company has joint development agreements with ten dermatology development companies, although none of the agreements is for an acne treatment. The company’s partners include LEO Pharma A/S of Denmark, Stiefel Laboratories Inc. of the US, and Taro Pharmaceutical Industries Ltd. (TAROF.PK) and Trima Israel Pharmaceutical Products Maabarot Ltd.of Israel.

Foamix expects to become profitable soon on the basis of milestone payments from its partners, even though no product is yet on the market. Foamix’s first product, BabyFoamix, due on the market in a few months, will be a foam treatment for diaper rash jointly developed with Trima. Foamix has said that it plans to go public on Nasdaq.

Published by Globes [online], Israel business news - www.globes.co.il - on January 8, 2007

© Copyright of Globes Publisher Itonut (1983) Ltd. 2006