Ness Ziona, Israel, February 20, 2012 / B3C newswire / - Sol-Gel Technologies Ltd. announced today that it has entered into a second development and licensing agreement with a leading U.S. pharmaceutical company for the development and commercialization in the U.S. and Canada of a major dermatologic drug.
Under the terms of the new agreement, Sol-Gel will receive $27 million, comprised of an initial non-refundable payment as well as additional license fees and development 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.
The new agreement follows a similar $25 million deal made with the same company.
“This repeat collaboration reinforces Sol-Gel’s position as a leading player in the development of encapsulation technologies for application to topical drug products,” said Dr. Alon Seri-Levy, co-founder and CEO.
About Sol-Gel Technologies
Sol-Gel Technologies Ltd. is a private specialty pharmaceutical company based in Ness Ziona, Israel. The company develops novel drugs for the dermatology market and provides state-of-the-art solutions and lifecycle management opportunities for dermatological companies.
Sol-Gel’s patented drug delivery system enhances the efficacy, safety and stability of topical drugs by encapsulating the drug substances in an inert, clear-silica microcapsule shell and by releasing the active pharmaceutical ingredients in a time-controlled manner. The technology enables Sol-Gel to offer the derma market advanced topical drug products that are more effective and/or have fewer side effects than existing drugs.
“Sol-Gel is maximizing its value by creating a diverse proprietary product pipeline with high market potential and by collaborating with global pharmaceutical companies,” commented Gil Bianco, Chairman of Sol-Gel.
Sol-Gel’s pipeline includes an innovative topical therapy for rosacea known as DER45-EV Gel currently undergoing a Phase II multi-center study in the U.S.; 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.
Sol-Gel has been funded by a distinguished group of Israeli and international investors, including Medica (Israel), JVP (Israel), Argonaut (US), DSM (Netherlands), Challenge (Israel), Evergreen (Israel), Millenium (Israel) and Jesselson (US).
Alon Seri-Levy, CEO
Sol-Gel Technologies Ltd.
7 Golda Meir St.
Weizmann Science Park
Ness Ziona 74036, Israel