Israeli a clinical stage specialty pharmaceutical company Foamix Pharmaceuticals Ltd. (NASDAQ:FOMX) has raised $16 million through a direct registered offering of its ordinary shares to OrbiMed.Based in Rehovot, Foamix is focused on developing and commercializing proprietary topical foams to address unmet needs in dermatology. Through its proprietary technology platform, the company has developed a line of unique and innovative topical foam formulations. This platform provides the versatility to develop new topical products for the possible treatment of dermatological and other conditions. The potential advantages of foam include enhanced usability and compliance, improved tolerability, and targeted drug delivery. Foamix has developed and patented several unique classes of foam formulations,
OrbiMed agreed to a lock-up period for 60 days from the date of the purchase agreement, during which time OrbiMed agreed not to sell the shares, enter into any derivative transactions with respect to the shares or publicly disclose the intention to do any of the foregoing, in each case without the company’s prior written consent.
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