Sol-Gel Technologies Ltd. (NASDAQ: SLGL) waited for a stir in its shares Wednesday, after announcing second-quarter financial results.
The Israeli-based Sol-Gel, a clinical-stage dermatology company focused on identifying, developing and commercializing branded and generic topical drug products for the treatment of skin diseases, also provided an update on its clinical development programs.
Research and development expenses were $5.8 million in the second quarter of 2018, compared to $4.4 million during the same period in 2017. The increase was primarily due to an increase in manufacturing expenses of $1.3 million related to the production of the clinical batches for TWIN and Epsolay.
Sol-Gel reported a loss of $6.9 million for the second quarter of 2018, compared to a loss of $6.2 million for the same period in 2017.
"The highlight of the second quarter was the initiation of our pivotal Phase III clinical program for Epsolay® which marks a significant achievement for Sol-Gel," said CEO Alon Seri-Levy.
"We are pleased that we have been able to execute on the milestones outlined earlier this year and look forward to also initiating our Phase III trials in acne vulgaris in 2018."
In June, Sol-Gel announced dosing of the first subject in the pivotal Phase III clinical program evaluating the safety and efficacy of Epsolay (formerly VERED) in subjects with papulopustular rosacea (also known as subtype II rosacea). The pivotal Phase III clinical program is being conducted in accordance with a SPA agreement with the FDA regarding the design of the pivotal trials and the enrollment of patients is progressing as planned.
Shares were static early Wednesday at $6.50.
