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Miles
Km80.5

   

Sol-Gel Signs $24.7 M Deal for Dermatology Drug Delivery


1/8/2008 7:12:19 AM

BET SHEMESH, Israel--(BUSINESS WIRE)--Sol-Gel Technologies Ltd. announced today that it has entered into a development and licensing agreement with a leading U.S. pharmaceutical company for the development and commercialization of a major dermatologic product.

Under the terms of the agreement, Sol-Gel Technologies will receive $24.7 million, comprised of an initial non-refundable payment as well as additional payments upon the successful completion of various milestones. The U.S. partner will fund the product’s development. Sol-Gel will be entitled to receive royalties from net sales.

“This collaboration is further confirmation of the value of Sol-Gel’s unique technology and an important step in our goal of becoming a leading provider of advanced encapsulated solutions and controlled drug-delivery for the pharmaceutical industry,” said Dr. Alon Seri-Levy, co-founder and CEO.

“As Sol-Gel has retained the right to market this product outside of North America, we look forward to marketing it together with additional partners in the rest of the world,” said Daniela Mavor, Senior VP for Business Development.

About Sol-Gel Technologies

Sol-Gel Technologies Ltd. is a private company based in Bet Shemesh, Israel. The company provides innovative drug delivery solutions and life cycle management opportunities using patented, sol-gel based encapsulation systems in silica. The technology enables new and stable combinations of Active Pharmaceutical Ingredients resulting in improved efficacy and usability.

“By applying Sol-Gel’s technology, pharmaceutical companies can extend and improve current product lines,” commented Tamar Ciehanover, Chairperson of Sol-Gel.

Sol-Gel’s pipeline includes a new generation of anti-acne kits, targeting the $1 billion acne therapy market and other dermatology products that have been significantly improved by Sol-Gel’s proprietary drug delivery technology.

Sol-Gel was founded in 1997 to commercialize a breakthrough technology developed by co-founder Prof. David Avnir of the Hebrew University of Jerusalem. Prof. Avnir currently is the Chairman of the International Sol-Gel Society.

Sol-Gel has been funded by a distinguished group of Israeli and international investors, including JVP (Israel), Argonaut (US), DSM (Netherlands), Evergreen (Israel), Challenge (Israel), Millenium (Israel), Jesselson (Israel) and Stata (US).

For more information visit www.sol-gel.com or contact

Alon Seri-Levy, CEO

Sol-Gel Technologies Ltd.

POB 367

Industrial Zone West

Bet Shemesh 99100

Israel

Tel: +972-2-9997661

Contact: Sol-Gel Technologies Ltd. Alon Seri-Levy, CEO, +972-2-9997661 www.sol-gel.com

Source: Sol-Gel Technologies Ltd.



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