Business
Sol-Gel Technologies Reports Full Year 2021 Financial Results and Corporate Developments
Galderma launched TWYNEO® at the Annual Meetings of the American Academy of Dermatology, March 25-29, 2022 in Boston, MA. TWYNEO will be commercially
About this update from Sol-gel Technologies Ltd.
[{"type":"text","content":"Galderma launched TWYNEO® at the Annual Meetings of the American Academy of Dermatology, March 25-29, 2022 in Boston, MA. TWYNEO will be commercially available in Spring 2022.2021 revenue of $31.3 million Sol-Gel to receive $21.5 million over 24 months in exchange for the transfer of its rights to two marketed generic drugs and eight unapproved generic programs based on a new agreement with Padagis; Sol-Gel to retain collaboration rights on two programs related to four high-value candidatesAnnounced innovative pipeline which includes differentiated topical formulations of SGT-510 and SGT-310, which are expected to enter the clinic in 2022 Sol-Gel’s cash runway expected to extend through the end of 2023, assuming the timely approval of EPSOLAY NESS ZIONA, Israel, March 30, 2022 (GLOBE NEWSWIRE) -- Sol-Gel Technologies, Ltd. (NASDAQ: SLGL), a dermatology company focused on identifying, developing and commercializing branded and generic topical drug products for the treatment of skin diseases, today announced financial results for the full year ended December 31, 2021, and provided recent corporate updates. 2021 Corporate Highlights and Recent Developments Sol-Gel’s commercial partner, Galderma launched TWYNEO at the recent American Academy of Dermatology Annual Meeting that took place in Boston, MA, March 25-29, 2022, and plans to make the product commercially available in the Spring of 2022. TWYNEO was FDA approved on July 27, 2021, for the treatment of acne vulgaris in adults and pediatric patients nine years of age and older. On November 4, 2021, Sol-Gel announced a new agreement with Padagis (formerly a division of Perrigo Company plc) effective November 1, 2021 (the “Agreement”). Under this Agreement, Sol-Gel is to unconditionally receive $21.5 million over 24 months, in lieu of its share in future gross profits for acyclovir cream and ivermectin cream and its potential gross profits for eight unapproved generic programs. In addition, Sol-Gel ceased paying any outstanding and future operational costs related to the earlier collaborative agreements. Sol-Gel has retained collaboration rights to two generic programs related to four generic drug candidates that it believes to have the most value-generating potential. During 2021, Sol-Gel raised a total net proceeds of $505,413 in an at-the-market (ATM) offering, from the sale of ...