Foamix Ltd announced today the creation of a novel and proprietary waterless foam vehicle for the delivery of water insoluble and water-sensitive dermatological drugs. The main components of this carrier are propylene glycol, glycerin and additional polar solvents, which are known to enhance the delivery of active agents into the skin, while providing a high skin hydration effect. A series of accelerated stability studies, encompassing a broad spectrum of corticosteroids as well as non-steroidal active agents, has revealed excellent stability in all cases.
An abstract detailing the development of this new technological platform entitled "Innovative waterless hydrophilic topical foam" was presented by Foamix CTO Dr. Doron Friedman, as Poster Number 1023 in Poster Session II at the 33rd Annual Meeting of the Controlled Release Society (CRS) in Vienna, Austria, July 22-26, 2006. The abstract will also be published in a CRS Journal.
"Foamix accomplished its objective to be the first to develop a new type of hydrophilic waterless foam vehicle. This formulation produces a stable foam when released from a pressurized aerosol can, is easily applied with gentle spreading and is instantly absorbed into the skin. Also of importance, it leaves neither a sticky nor a greasy feeling nor any shine, unlike conventional creams and ointments," said Dr. Friedman.
Foamix chose specific, delicate, FDA approved non-ionic surfactants and polymers to create the foaming action.
"We believe the development of the waterless foam formulation is an extraordinary advancement in the areas of dermatological and gynecological drug delivery. We are utilizing this proprietary waterless and alcohol-free foam platform to develop a broad spectrum of topical drugs, including steroids, antibiotics, antifungals, antivirals and a hair growth drug. We believe that the multiple benefits of this foam will help to encourage patients to better comply with physician treatment recommendations," said Foamix CEO and abstract co-author Dr. Dov Tamarkin.
Greylock Israel, a $150 million fund for investments in Israel
Greylock will carry out all of its investments in Israeli high-tech companies from the new fund, which will focus on early stage growth companies. The company said in its announcement that the raising and launch of the new fund, "underpins Israel's importance as a world center for entrepreneurship and technology, and the importance that Greylock attaches to providing local support to young companies aspiring to succeed in the global market."
Greylock was founded in 1965. It is one of the prominent venture capital firms in the US and has been active in Israel since 2001. It has invested in eight Israeli companies to date: Siliquent Technologies, acquired in 2005 by Broadcom Corp (Nasdaq: BRCM); Imperva, which was founded by Check Point co-founder Shlomo Kramer; ClearForest, PortAuthority Technologies; Red Bend Software; Illuminator; HyperRoll; and Unipier.Greylock currently manages assets totaling $2.2 billion.