(Reuters) - Foamix Pharmaceuticals Ltd said on Tuesday that its lead drug treating moderate-to-severe acne met the main goals of its third late-stage study, sending its shares up 57 percent in extended trading.
FMX101, a topical minocycline foam, showed significant reduction in the number of inflammatory lesions in the trial which enrolled 1,507 patients, the company said.
Foamix said the drug’s safety profile was also found to be consistent with its two prior late-stage studies.
“If approved, we believe FMX101 would be the first topical minocycline product available for patients in the United States,” Chief Executive David Domzalski said in a statement.
Acne affects about 40 to 50 million people in the U.S. alone, of whom about 10 million have moderate-to-severe disease that significantly impacts self-esteem and quality of life.
Shares of the company were trading at $9.35 after the bell.
Reporting by Saumya Sibi Joseph in Bengaluru; Editing by Shailesh Kuber