Foamix Pharmaceuticals Ltd (NASDAQ:FOMX) has just reported positive top-line results for their Phase II Study of FDX104 (a topical foam containing 4% doxycycline). The drug’s main purpose is to treat skin rashes caused by patients taking epidermal growth factor receptor antibody inhibitors. This drug could be worth billions of dollars if it is eventually approved by the FDA. Shares of Foamix Pharmaceuticals Ltd (NASDAQ:FOMX) are up $1.50 or 18.75% in pre-market trading.
“There is a significant unmet need for a safe and effective treatment for EGFRI-induced rash, and we are pleased with the results of this clinical study,” stated Dov Tamarkin, Ph.D., Foamix’s CEO. “FDX104 has the potential to improve patients’ quality of life and help maintain patients on their optimal anti-cancer treatment. We are dedicated to developing best-in-class medicines that can have a positive impact on patients’ lives.”
The stock decreased 8.68% or $0.76 during the last trading session, hitting $8. Approximately 1,080 shares traded hands. FOMX shares have declined 19.35% since April 30, 2015 and are currently downtrending. It has underperformed the S&P500 by 19.15%.
Foamix Pharmaceuticals Ltd. is a clinical-stage specialty pharmaceutical firm focused on developing and commercializing its minocycline foam for the treatment of acne, impetigo and other skin conditions. The company has a market cap of $267.67 million. The Company’s product candidates include, FMX101 for moderate-to-severe acne, is a topical foam formulation of the antibiotic minocycline; FMX102 for impetigo, FMX103 for rosacea and FDX104 for chemotherapy-induced rash. It currently has negative earnings. The Firm has conducted only one Phase II clinical trial of each of FMX101 and FMX102 which met the respective primary efficacy and secondary endpoints.