Business
Sol-Gel Reports Full-Year 2022 Financial Results and Corporate Developments
Recent acquisition of Phase 3-ready SGT-610 (patidegib), an Orphan Drug candidate, broadens Sol-Gel’s pipeline with the potential to be the first therapy for
About this update from Sol-gel Technologies Ltd.
[{"type":"text","content":"Recent acquisition of Phase 3-ready SGT-610 (patidegib), an Orphan Drug candidate, broadens Sol-Gel’s pipeline with the potential to be the first therapy for preventing new basal cell carcinomas in Gorlin syndromeA Phase 3 study of SGT-610 is expected to initiate in the second half of 2023, with results expected by the end of 2025The base of recurrent TWYNEO® prescribers was 82% in Q4 2022, while the EPSOLAY® recurrent prescriber base has grown to 64% during the same periodFollowing recent financing, Sol-Gel’s cash runway expected to extend into the second half of 2025 NESS ZIONA, Israel, March 10, 2023 (GLOBE NEWSWIRE) -- Sol-Gel Technologies, Ltd. (NASDAQ: SLGL), a dermatology company with two innovative dermatology products that were launched in the U.S. and an innovative pipeline, today announced financial results for the full year ended December 31, 2022 and provided a corporate update. 2022 Corporate Highlights and Recent Developments On January 27, 2023, Sol-Gel announced the acquisition of topically applied patidegib, a hedgehog signaling pathway blocker, for the treatment of Gorlin syndrome from PellePharm, Inc. for an upfront payment of $4.7 million, total development and NDA acceptance milestones of up to $6.0 million, and based on the expected market potential up to $64.0 million in commercial milestones, as well as single digit royalties. Gorlin syndrome is a rare disease with no currently approved therapies by the U.S. Food and Drug Administration (FDA) or European Medical Association (EMA). Investigational compound SGT-610 has the potential to be the first-ever drug for treatment of Gorlin syndrome, if approved. The Company is suspending the development of SGT-310 and SGT-510 in psoriasis to allow for accelerated development of SGT-610 targeted for an underserved indication.Related to the acquisition, Sol-Gel announced the pricing of $22.8 million in parallel registered direct and private placement offerings, the proceeds from which will be used to support the Phase 3 trial of patidegib beginning in late 2023 and for general corporate purposes. Shareholder approval of the $10 million private placement is still pending and is expected by end of March.Prescribers reported positive experiences with TWYNEO (launched in April 2022), with the recurring base of prescribers increasing to a high of 82% in Q4 2022, from 66%...