Gel Technologies raises $9 million
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Gel Technologies Ltd today announced the successful completion of an investment round of $9 million.
The funding will be used to accelerate Sol-Gel’s robust pipeline of innovative topical products for the dermatology market. The company’s pipeline includes a new generation of anti-acne kits that target the $1 billion acne therapy market.
“Even in the current global economic climate which has made investors become increasingly cautious and selective, Sol-Gel continues to stand out as an attractive investment opportunity. It has a proven set of technologies and a strong pipeline of products,” said Tamar Ciehanover, Chairperson of Sol-Gel.
“We are proud to achieve this milestone round of investment which will enable the company to strengthen its position in the pharmaceutical specialty market. Using our proprietary encapsulation technologies we plan to introduce more efficacious topical drugs to meet a wide variety of unmet needs in the dermatology market,” said Alon Seri-Levy, Sol-Gel’s CEO.
The investment was led by Medica Venture Partners, a prominent Israeli venture capital firm, and included other existing investors.
Sol-Gel Technologies is a specialty pharmaceuticals company that develops innovative topical products for the dermatology market using a proprietary set of controlled-delivery and stabilization systems by enhancing the efficacy and safety of drugs and enabling synergistic combinations of various pharmaceuticals, Sol-Gel is able to produce better products and improve their life cycle management.
Sol-Gel was founded in 1997 by Prof. David Avnir of the Hebrew University of Jerusalem and by Dr. Alon Seri-Levy, based on breakthrough technology developed by Prof. Avnir.
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SurModics, Inc. announced today that it has acquired a portfolio of intellectual property and collaborative drug delivery projects from PR Pharmaceuticals, Inc., a drug delivery company specializing in injectable, biodegradable sustained release formulations. SurModics paid $3 million in cash at closing and may pay up to an additional $6 million in cash upon the
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