REHOVOT, Israel, March 18, 2015 (GLOBE NEWSWIRE) -- Foamix Pharmaceuticals Ltd. (Nasdaq:FOMX), ("Foamix Pharmaceuticals"), a clinical stage specialty pharmaceutical company focused on developing and commercializing proprietary topical foams to address unmet needs in dermatology, announced financial results for the twelve months ended December 31, 2014. 2014 Financial Highlights:
- Revenues were $5.4 million for the year ended December 31, 2014, compared with $1.4 million in 2013.
- Operating loss for the year was $1.6 million, as compared to an operating loss of $1.4 million in the prior year.
- Net loss was $11.5 million or $0.79 per basic and diluted share, compared with $2.4 million or $0.22 per basic and diluted share in 2013, the increase in net loss was primarily due to the increase in non-cash finance expenses on convertible loans and warrants.
- On September 17, 2014, the Company successfully completed an initial public offering on NASDAQ. Total net proceeds, including the exercise of the "green shoe" by the underwriters, were approximately $41.1 million.
- Cash, equivalents, and marketable securities at December 31, 2014 were $50 million, compared to $2.3 million at December 31, 2013.
- Established a U.S. subsidiary, Foamix Pharmaceuticals Inc., and appointed a senior U.S. leadership team.
- Commenced a series of non-clinical safety assessment studies to support the initiation of our planned Phase III trials in acne.
- In Q4, 2014 we initiated a clinical trial to study FDX104 for the prevention of severe acne-like rash associated with chemotherapies known as epidermal growth factor receptor inhibitors (EGFRI).
- Strengthened our intellectual property position with the issuance of various additional patents covering multiple technology platforms, including our minocycline and doxycycline foams.
- As of March 1, 2015, we had 79 granted patents and over 100 patent applications worldwide covering our foam-based platforms and other technology.
- In the Unites States we currently have 37 granted patents, of which five patents cover our minocycline and doxycycline foams.
- Received a $2.5 milestone payment from Bayer HealthCare in connection with our ongoing license agreement with Bayer for the development of an azelaic acid foam product.
For further details on the Company's financials, please refer to Form 20-F Annual Report pursuant to section 13 or 15(d) of the Securities Exchange Act of 1934, filed with the SEC.
|Conference Call & Webcast|
|Wednesday, March 18, 2015 @ 8:00am Eastern/5:00am Pacific|
|Replays available until April 1, 2015|
|Consolidated Statement of Operations Data – Year Ended December 31|
|(in thousands of U.S. dollars)|
|Revenues||$ 5,414||$ 1,404|
|Cost of revenues||527||453|
|Research and Development||3,557||1,086|
|Selling, general and administrative||2,964||1,221|
|Total Operating Expenses||6,521||2,307|
|Finance Expenses, net||9,844||1,075|
|Net Loss||$ 11,484||$ 2,431|
|Consolidated Balance Sheet Data|
|(in thousands of U.S. dollars)|
|As of December 31, 2014||As of December 31, 2013|
|Balance sheet data:|
|Cash, cash equivalents and investment in marketable securities||$49,966||$2,308|
|Total long-term liabilities||381||4,917|
|Total shareholders' equity (capital deficiency)||$48,762||$ (3,582)|
CONTACT: Ilan Hadar, CFO Foamix Pharmaceuticals Ltd. +972-8-9316233 email@example.com U.S. Investor Relations Michael Rice LifeSci Advisors, LLC 646-597-6979 firstname.lastname@example.org