Foamix Earns US$ 2.5M Milestone Payment From Bayer HealthCare

Foamix Pharmaceuticals Ltd. 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.