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Foamix Pharmaceuticals Ltd (NASDAQ: FOMX), a pharmaceutical company specializing in skin conditions, recently had a successful IPO in September following which its stock fell. It made a strong recovery in December, breaching its IPO high, but recently traded at $5.91, down 4.5 percent.
Faomix CEO, Dov Tamarkin, was on Bloomberg to discuss the company’s IPO and share the status of their trial drugs.
The IPO
"Well, as a specialty pharma company and new on NASDAQ, we are very pleased that we completed a successful IPO," Tamarkin said. "We now have about $45 million at our disposal to move our lead product into advanced clinical trials and to market. The stock has been stable for last couple of months and I am very pleased to see it over the initial IPO price today."
Why Go Public?
"Well, we have lead products, topical minocycline product, which is intended to treat acne, other products to treat skin infection, rosacea and other indications and to move them forward to the advanced clinical trial – Phase III, their regulations and finally into marketing, there is a need for large amount of cash. The natural way to raise cash is to go public and we did it successfully on NASDAQ last September," Tamarkin answered.
When asked how investors value the company, Tamarkin replied, "Well, investors see the potential of our company, which addresses large and unmet needs in the field of dermatology. There is about 40 to 50 million Americans with acne […] Our success in developing a topical antibiotic which addresses moderate to severe acne gives a very high expectation to us and to our investors."
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
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