Sol-Gel Technologies Ltd. (NASDAQ: SLGL) started the year off on the right foot, on new developments on the laboratory front.
The Israel-based company announced the initiation of a Phase 1 proof of concept clinical study of SGT-210, its novel, topical, epidermal growth factor receptor inhibitor in patients with punctate palmoplantar keratoderma type -1 (PPPK type 1), a genetic form of PPK. Top-line data is expected in the first half of 2021.
The Phase 1 proof of concept study SGT-84-01 is a single-center, single-blinded, vehicle-controlled study designed to evaluate the bioavailability, safety and tolerability of SGT-210 as well as inform on potential efficacy.
The study is targeting enrollment of approximately 15 patients to undergo a three month treatment period, followed by a three month follow-up period.
Said CEO Alon Seri-Levy, "Initiation of this study is another important step forward with our SGT-210 development program into PPK and to expand our proprietary pipeline.
“We look forward to the upcoming top-line results from this trial, which are expected the first half of 2021.”
PPK is a group of skin conditions characterized by the thickening of the skin on the palms and soles of the feet. PPK may lead to impairment of quality of life through pain, decreased acral functionality and cosmetic concerns
Jefferies has raised the price target of Sol-Gel from $14 to $24, while H.C. Wainwright raised the price target from $23 to $26.
SolGel stock took on 35 cents, or 2%, to $17.50 in early Thursday trade.
