Welcome to our dedicated page for Sol-Gel Technologies Ltd. Ordinary Shares news (Ticker: SLGL), a resource for investors and traders seeking the latest updates and insights on Sol-Gel Technologies Ltd. Ordinary Shares stock.
Sol-Gel Technologies Ltd. (NASDAQ: SLGL) is a clinical-stage specialty pharmaceutical company dedicated to developing and commercializing innovative topical dermatological drug products. The company's core focus is on utilizing its proprietary microencapsulation delivery system, which leverages silica-based microcapsules to enhance the efficacy and tolerability of dermatological treatments. This technology creates a protective barrier around drug substances, controlling the release rate and reducing side effects. Sol-Gel's lead product candidates, Vered for papulopustular rosacea and Twin and Sirs-T for acne vulgaris, are prime examples of this advanced delivery system in action.
Sol-Gel has achieved significant milestones in its product pipeline. The company has received FDA approval for two major dermatology products: TWYNEO® and EPSOLAY®. TWYNEO, which combines tretinoin and benzoyl peroxide, is designed for the topical treatment of acne vulgaris. EPSOLAY, which contains encapsulated benzoyl peroxide, addresses inflammatory lesions of rosacea. Both products are commercialized in the U.S. by Galderma.
A key highlight of Sol-Gel's innovative approach is SGT-610, a hedgehog signaling pathway blocker in development for the prevention of new basal cell carcinoma (BCC) lesions in patients with Gorlin syndrome. This candidate, which has received Orphan Drug and Breakthrough Therapy designations from the FDA, is currently undergoing pivotal Phase 3 testing. If approved, SGT-610 could become the first treatment specifically for Gorlin syndrome, a genetic disorder that predisposes individuals to developing BCC.
Financially, Sol-Gel reported a revenue of $0.2 million for the third quarter of 2023, primarily from licensing agreements. The company incurred research and development expenses of $4.7 million and general and administrative expenses of $1.9 million in the same quarter. Despite a net loss of $5.7 million, Sol-Gel maintains a robust financial position with $26.1 million in cash, cash equivalents, and deposits, and $17.2 million in marketable securities as of September 30, 2023. This financial stability is expected to support the company's operations and capital expenditure requirements into the second half of 2025.
Sol-Gel's commitment to addressing unmet needs in dermatology extends beyond its own products. The company is actively engaged in discussions with potential partners to secure new international licenses for its marketed products. This strategy aims to generate non-dilutive capital and expand the global reach of its innovative dermatological treatments.
For more detailed information, please visit www.sol-gel.com.
Sol-Gel Technologies (NASDAQ: SLGL) will present at H.C. Wainwright’s Autoimmune & Inflammatory Disease Virtual Event on March 30, 2023, at 8:30 am EDT. The presentation will be delivered live via webcast, available here. Sol-Gel's pipeline includes FDA-approved drugs TWYNEO and EPSOLAY, and candidates like SGT-610 and SGT-210 for skin disease treatments. A replay will be accessible for 30 days post-event via the Investor Relations section of their website.
Sol-Gel Technologies (NASDAQ: SLGL) announced the acquisition of SGT-610 (patidegib), an Orphan Drug candidate aimed at preventing basal cell carcinomas in Gorlin syndrome. The Phase 3 study is set to start in late 2023 with results expected by late 2025. In Q4 2022, the recurring prescriber base for TWYNEO was 82%, while EPSOLAY's was 64%. The company reported total revenue of $3.9 million for 2022, down from $31.3 million in 2021, with a net loss of $14.9 million. Following a recent financing, Sol-Gel's cash runway now extends through the second half of 2025, positioning it to support SGT-610's development.
Sol-Gel Technologies, Ltd. (NASDAQ: SLGL) announced a registered direct offering and concurrent private placements, pricing 2,560,000 ordinary shares at $5.00 each, with expected gross proceeds of approximately $22.8 million. The offerings include unregistered warrants to purchase an equal number of shares with an exercise price of $5.85. The proceeds will fund the acquisition of SGT-610 for Gorlin syndrome treatment and support research activities. The expected closure of these transactions is around January 31, 2023, subject to customary conditions. The company expects its cash resources to sustain operations into the second half of 2025.
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