Sol-Gel rises on agreement for skin disease creams in Canada

SOL-GEL TECHNOLOGIES

06/06/2023 14:05

** Shares of Israel-based dermatology co Sol-Gel
Technologies  SLGL.O  rise 9.96% to $3.7 premarket
    ** Co has entered into a licensing agreement with privately
held Canadian firm Searchlight Pharma Inc for the
commercialization of its skin disease creams in the country
    ** Sol-Gel to receive up to $11 million in upfront payments
and regulatory and sales milestones for both drugs, combined,
plus additional royalties ranging from low double-digits to
high-teens
    ** Searchlight Pharma anticipates filing of Canadian
regulatory submissions in early 2024
     ** Co's Twyneo cream is a once-daily topical treatment for
acne; its Epsolay topical cream targets rosacea, which causes
redness and small bumps on the face
    ** Up to last close, SLGL stock down ~26% YTD

 (Reporting by Sriparna Roy in Bengaluru)
 ((Sriparna.Roy@thomsonreuters.com;))