RALEIGH, N.C. & REHOVOT, Israel--(BUSINESS WIRE)--Merz North America, Inc. and Foamix Pharmaceuticals Ltd. (NASDAQ: FOMX), today announced that the first milestone payment related to their unique foam technology development program has been made to Foamix.
“We are pleased with the continued progress of this program and our partnership with Foamix,” said Bill Humphries, President and Chief Executive Officer of Merz North America. “Development partnerships such as our collaboration with Foamix are essential for continued innovation in dermatology, which is a focus and core strategic pillar for Merz North America.”
This recent milestone payment is part of an ongoing collaboration to develop and commercialize an innovative medicated topical foam. Under the agreement, which was signed in July 2013, Merz receives an exclusive worldwide license for the global development and commercialization of a foam product. Foamix will be further entitled to royalties and additional milestone payments under certain conditions.
About Merz North America
Merz North America is a specialty healthcare company that develops and commercializes innovative, high-quality treatment solutions in aesthetics, dermatology and neurosciences in the U.S. and Canada. As part of the Merz Pharma Group of companies, our ambition is to become the most admired, trusted and innovative aesthetics and neurotoxin company. By developing products that improve patients’ health and help them to live better, feel better and look better, we will continue to make significant contributions to the well-being of individuals around the world. Founded in 1908, Merz Pharma Group is a privately-owned company headquartered in Frankfurt, Germany. For more information about Merz and the Company’s U.S. product portfolio, please visit www.merzusa.com.
About Foamix Pharmaceuticals Ltd.
Foamix Pharmaceuticals is a clinical-stage specialty pharmaceutical company focused on developing and commercializing its proprietary minocycline foam for the treatment of acne and other skin conditions. Foamix Pharmaceuticals’ lead product candidate FMX101 for moderate-to-severe acne is a novel topical foam formulation of the antibiotic minocycline. Foamix Pharmaceuticals also has early-stage stable foam formulations of various drugs for the treatment of common dermatological indications.