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Sol-Gel Technologies Reports Third Quarter 2021 Financial Results and Highlights Recent Corporate Developments
Sol-Gel attains a profitable quarter, reporting total revenues of $8.8 million, net income of $1.3 million and EPS of $0.06Recently obtained FDA approval of
About this update from Sol-gel Technologies Ltd.
[{"type":"text","content":"Sol-Gel attains a profitable quarter, reporting total revenues of $8.8 million, net income of $1.3 million and EPS of $0.06Recently obtained FDA approval of TWYNEO® triggers a $3.5 million milestone payment from Galderma, and, together with the $4.0 million down payment from Galderma, a total of $7.5 million was recognized in Q3Sol-Gel to receive $21 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 candidatesSol-Gel’s cash runway expected to extend through the end of 2023Sol-Gel’s focus remains on supporting Galderma to launch TWYNEO, and EPSOLAY®, subject to the approval of the latter, along with advancing its innovative new drug candidates NESS ZIONA, Israel, Nov. 11, 2021 (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 third quarter ended September 30, 2021 and provided an overview of recent corporate developments. Third Quarter Corporate Highlights and Recent Developments Sol-Gel reported a profitable quarter. The company recognized total revenues of $8.8 million, the majority of which was attributed to licensing revenue of $3.5 million related to TWYNEO approval milestones, and a $4.0 million TWYNEO upfront payment from partner Galderma. As a result of this recognized revenue, net income was $1.3 million, and the company reported EPS of $0.06.On July 27, 2021, Sol-Gel announced that the U.S. Food and Drug Administration (FDA) approved its first proprietary drug product, TWYNEO, indicated 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”), which replaces prior collaborative agreements for the development and commercialization of certain generic drugs for skin diseases. Under this Agreement, Sol-Gel is to unconditionally receive $21 million over 24 months, in lieu of its share in future gross profits for acyclovir cr...