REHOVOT, Israel and BRIDGEWATER, N.J., Dec. 16, 2014 (GLOBE NEWSWIRE) -- Foamix Pharmaceuticals Ltd. (Nasdaq:FOMX), a clinical-stage specialty pharmaceutical company, announces the receipt of a milestone payment of US$ 2.5 million from Bayer HealthCare.
According to a license agreement between the two companies Foamix is entitled to royalties and further milestone payments under certain conditions.
Under the agreement, Bayer has licensed from Foamix a foam vehicle for its compound azelaic acid. Terms of the license agreement are not being disclosed. Information regarding a Phase III study of Azelaic Acid Foam 15% may be found at clinicaltrials.gov.
About Foamix Pharmaceuticals
Foamix Pharmaceuticals is a clinical-stage specialty pharmaceutical company focused on developing and commercializing dermatological foam formulations.
Cautionary Note Regarding Forward-Looking Statements
This press release may contain "forward-looking statements" relating to future events. Forward-looking statements are based on Foamix Pharmaceuticals' current knowledge and its present beliefs and expectations regarding possible future events and are subject to risks, uncertainties and assumptions. Actual results and the timing of events could differ materially from those anticipated in these forward-looking statements as a result of several factors. Any forward-looking statements that may be made herein speak only as of the date of this release and Foamix Pharmaceuticals undertakes no obligation to update publicly such forward-looking statements to reflect subsequent events or circumstances, except as otherwise required by law.