6:20 AM
 | 
Sep 14, 2018
 |  BC Extra  |  Financial News

Foamix raises $70M following Phase III acne readout

Foamix Pharmaceuticals Ltd. (NASDAQ:FOMX) raised $70 million through the sale of 11.7 million shares at $6 in a follow-on underwritten by BofA Merrill Lynch, Cowen, Barclays and Cantor Fitzgerald. The price is a tiny discount to Foamix's close of $6.11 on Wednesday, when it proposed the offering after market hours. The company gained $0.19 to $6.30 on Thursday, and priced the offering after market hours.

On Tuesday, Foamix said its FMX101 met the co-primary endpoints in the Phase III FX2017-22 trial to treat moderate to severe acne. By year end, the company plans to submit an NDA to FDA for FMX101 through the agency's 505(b)(2) pathway. The candidate is a topical 4% minocycline foam, a semisynthetic derivative of tetracycline.

Foamix was off $0.12 to $6.18 on Friday.

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