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Foamix announces plans for $65 million IPO

Foamix Pharmaceuticals announced recently the terms for its initial public offering.

The company plans to raise $65 million by offering 6 million shares at a price range of $10 to $12. At the midpoint of the proposed range, Foamix would command a fully diluted market value of $234 million, according to a press release from IPO investment firm Renaissance Capital.

Foamix plans to enter phase 3 trials for its 4% minocycline foam formulation acne treatment, as well as for its treatment for impetigo, in 2015. The company expects to develop both candidates through the U.S. Food and Drug Administration’s 505(b)(2) regulatory pathway for faster approval, according to the press release.

Foamix has entered licensing agreements with Bayer, Merz and Actavis for its foam technology and has received $15 million from these partners to date, the release stated.

Reference: IPO investment firm Renaissance Capital (www.renaissancecapital.com).