Foamix Announces $16 Million Investment by OrbiMed

Foamix Pharmaceuticals Ltd. recently announced it has raised aggregate gross proceeds of approximately $16 million through a direct registered offering of its ordinary shares to OrbiMed.

On April 13, 2018, Foamix entered into a Securities Purchase Agreement (the Purchase Agreement) with OrbiMed pursuant to which the company agreed to issue and sell, in a registered offering by the company, an aggregate of 2,940,000 shares of the company’s ordinary shares, par value New Israeli Shekels (NIS) 0.16 per share (the Shares) at a purchase price equivalent to $5.50 per share, representing a premium to the company’s last closing share price, for aggregate gross proceeds of approximately $16 million, before deducting offering expenses. The issuance and sale of the shares is expected to close on April 16, 2018, subject to certain closing conditions.

Under the terms of the Purchase Agreement, the shares were offered pursuant to a registration statement on Form S-3 (File No. 333-224084), which was filed with the Securities and Exchange Commission on April 2, 2018, and was declared effective on April 12, 2018.

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.

OrbiMed is a leading investment firm dedicated exclusively to the healthcare sector, with over $14 billion in assets under management. OrbiMed invests globally across the spectrum of healthcare companies, from venture capital start-ups to large multinational companies utilizing a range of private equity funds, public equity funds, royalty/debt funds and other investment vehicles. OrbiMed maintains its headquarters in New York City, with additional offices in San Francisco, Shanghai, Mumbai and Herzliya. OrbiMed seeks to be a capital provider of choice, with the flexibility to provide equity and debt capital solutions that are tailored to the unique needs of our portfolio companies. The firm’s global team of over 80 professionals brings the resources and experience required to be an exceptional long-term partner in building world-class healthcare companies. For more information, visit www.OrbiMed.com.

Foamix is a specialty pharmaceutical company focused on the development and commercialization of proprietary, innovative and differentiated topical drugs for dermatological therapy. Our leading clinical stage product candidates are FMX101, our novel minocycline foam for the treatment of moderate-to-severe acne and FMX103, our novel minocycline foam for the treatment of rosacea. We continue to pursue research & development of our proprietary, innovative foam technologies for the treatment of various skin conditions. We currently have development and license agreements relating to our technology with various pharmaceutical companies including Bayer HealthCare and others.
Foamix uses its website (www.Foamix.com) as a channel to distribute information about Foamix and its product candidates from time to time. Foamix may use its website to comply with its disclosure obligations under Regulation FD. Therefore, investors should monitor Foamix’s website in addition to following its press releases, filings with the Securities & Exchange Commission (“SEC”), public conference calls, and webcasts.