Ness Ziona, Israel, January 24, 2007 /PRNewswire/
Foamix Ltd., the leader in the development of topical foam delivery systems, announced today that they have executed a worldwide license agreement with Dr. Reddy’s Laboratories (NYSE:RDY), for the development of a novel prescription emollient foam for the treatment of psoriasis.
Under the terms of the agreement, Foamix will receive certain development fees and milestone payments. Upon commercialization of the product, Foamix will receive royalty based on net sales. “Foamix has a proven track record for developing innovative dermatological specialty foam products. We are happy to partner with them in developing a novel topical foam product to address the unmet needs of psoriasis patients," said Jeffrey Wasserstein, Executive Vice President, of Dr. Reddy's.
"We are proud to partner with Dr. Reddy's who is building a specialty pharmaceutical presence in branded dermatology by developing innovative topical products, both internally and through third party in-licensing, that will be detailed directly to dermatologists" said Foamix CEO, Dr. Dov Tamarkin.
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