Foamix Signs Term Sheet to Acquire License to Organo-Boron Antifungal Molecules
Published: Jan 30, 2008
NESS ZIONA, and TEL AVIV, Israel, January 31 /PRNewswire/ -- Foamix Ltd. a leading worldwide developer of topical foams for dermatology and gynecology and Ramot at Tel Aviv University Ltd., have reached an agreement on the commercial terms of a worldwide exclusive license for Organo-Boron Antifungal Molecules which are useful for topical and systemic treatment of fungal disease.
Under the terms of the agreement, Foamix will have the exclusive rights to develop and commercialize Ramot's proprietary Organo-Boron compounds, which were developed by Prof. Amihay Freeman and his research team at Tel Aviv University, and which possess potent fungicidal activity, as demonstrated in laboratory studies. The financial terms of the agreement were not disclosed.
The total global market for antifungal agents was worth more than $11 billion in 2007 and will reach nearly $14 billion by 2012, a CAGR of 4.5%. The global sales of dermatological antifungal drugs were about $3 billion. Particularly, the Ramot Organo-Boron drugs are expected to be effective for onychomycosis, fungal infection of the fingernails and toenails, with a global market of approximately $1.7 billion in 2005.
"This agreement is further evidence of Foamix's commitment to seek out novel treatments for important dermatological and gynecological conditions, that involve fungal infection," commented Dov Tamarkin, Ph.D., Foamix's CEO. "We believe that Organo-Boron therapy represents a promising pathway for the treatment of fungal disease; and that the Ramot compounds will be a strong addition to our current in-house dermatological and gynecological pipeline."
"We are very proud to partner with an industry leader such as Foamix," said Ms. Irit Ben-Chlouch, Ramot's Director of Business Development, Life Sciences. "Foamix earned its position as a leading drug development company through a series of successful projects with big pharma partners and we are confident that partnering with Foamix offers the best opportunity for our Organo-Boron drugs to reach the market successfully," he noted.
Headquartered in Ness Ziona, Israel, Foamix Ltd. is a leading developer of topical foams for dermatology and gynecology. Foamix's state-of-the-art foams provide controlled delivery of a variety of active ingredients. Foamix is a privately held company, whose business model is based on partnering with leading pharma companies to develop products utilizing its proprietary foam technologies. Foamix is currently collaborating with 8 pharmaceutical companies on 10 projects in the development of proprietary dermatological and gynecologic foam drugs, and has its own in-house pipeline of dermatological and gynecological drugs in foam presentation.
Foamix holds 3 patents and has 62 patents pending.
For additional information please visit http://www.foamix.co.il
About Tel Aviv University
Founded in 1963, Tel Aviv University is one of Israel's foremost research and teaching universities. Located in Israel's cultural, financial and industrial heartland, Tel Aviv University is at the forefront of basic and applied research in a wide variety of scientific research disciplines, including engineering, exact sciences, life sciences, medicine, social sciences, management, law, humanities and the arts. More information is available online at http://www.tau.ac.il.
About Ramot at Tel Aviv University Ltd.
Ramot is the technology transfer company of Tel Aviv University. Ramot fosters, initiates, leads and manages the transfer of new technologies from university laboratories to the marketplace by performing all activities relating to the protection and commercialization of inventions and discoveries made by faculty, students and other researchers. Ramot provides a dynamic interface connecting industry to leading-edge science and innovation, offering new business opportunities in a broad range of emerging markets.
For more information, visit http://email@example.com
CONTACT: Press inquiries: Sigal Maymon, Foamix Ltd, +972-8-9316233 or