Another Israeli biotech braves choppy IPO waters

The latest batch of Israeli biotechs to hit Nasdaq hasn't been doing so well. But that hasn't deterred Foamix Pharmaceuticals from joining the tail end of the big biotech rush into the public markets. Foamix has been working on foam formulations of the antibiotic minocycline to treat acne and other skin conditions. Its two lead programs--FMX101 for acne and FMX102 for impetigo--have each finished Phase II studies, with late-stage trials looming next year. Foamix believes its story is good enough to complete a $75 million IPO, but it won't be easy. Biotech IPOs have taken on a hit-or-miss profile recently. For the Israeli crowd, it's been mostly miss. BioBlast shares plunged 35% in the first two days of trading, reports our European correspondent Nick Taylor. And MacroCure and VBL also fared poorly. NeuroDerm and PolyPid are also rumored to be in line for an IPO. SEC filing

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