Gel Technologies raises $9 million
Roche and Memory Pharmaceuticals has announced that the two companies have signed a definitive merger agreement for Roche to acquire all the outstanding shares of Memory Pharmaceuticals in an all-cash transaction for an aggregate price of approximately USD 50 million. Memory Pharmaceuticals develops innovative drug candidates for the treatment of debilitating central nervous system (CNS)
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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.
FORMA Therapeutics has announced that it has entered into a license and option agreement through the Novartis Option Fund. Under the terms of the agreement, FORMA will leverage its transformative biology and chemistry platform to develop inhibitors for an undisclosed protein-protein interaction target in the field of oncology. The agreement includes an upfront fee and
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Watson Pharmaceuticals, Inc. has announced that its subsidiary, Watson Laboratories, Inc., has received final approval today from the United States Food and Drug Administration on its Abbreviated New Drug Application (ANDA) for Bupropion Hydrochloride Extended-Release Tablets (XL) in the 150 mg strength. Bupropion Hydrochloride Extended-Release Tablets is the generic equivalent to GlaxoSmithKline’s Wellbutrin XL(R) product,
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Pacira Pharmaceuticals, Inc., an acute care specialty pharmaceutical company, announced today that enrollment has been completed in two pivotal Phase III SIMPLE trials to evaluate the safety and efficacy of a single intraoperative administration of EXPAREL (DepoBupivacaine) for prolonged postoperative analgesia. Results from the studies in hemorrhoidectomy and in total knee arthroplasty (TKA) are expected
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Mylan Inc. has announced that its subsidiary, Mylan Pharmaceuticals Inc., received final approval from the U.S. Food and Drug Administration (FDA) for its Abbreviated New Drug Application (ANDA) for Fluoxetine Capsules USP, 10 mg and 20 mg. Fluoxetine Capsules, indicated for the treatment of premenstrual dysphoric disorder (PMDD) are the generic version of Eli Lilly’s
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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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