Ness Ziona, Israel, and Ghent, Belgium, February 02, 2009

Foamix Ltd., a leading worldwide developer of topical foams for dermatology and gynecology has entered into an agreement with the Flanders Interuniversity Institute for Biotechnology (VIB) for the development of a unique topical drug for the treatment of Psoriasis.

Under the terms of the agreement, Foamix and VIB will jointly investigate the potential use of VIB’s proprietary Caspase-14 compound in psoriasis therapy. Subsequently, Foamix will have an exclusive option to commercialize products based on this technology. The financial terms of the agreement were not disclosed.

The potential use of Caspase-14 in dermatology was discovered and patented by the Department for Molecular Biomedical Research, V.I.B. - Ghent University. The compound possesses potent epidermal keratinization activity, as demonstrated in laboratory studies.

Psoriasis is a chronic skin disease that, according to the National Institutes of Health (NIH), affects between 5.8 and 7.5 million Americans. The World Psoriasis Day Consortium reported that a total of 125 million people worldwide suffer from this skin condition.

Dr. Dov Tamarkin commented on the deal: “We believe that Caspase-14 has great potential for the treatment of psoriasis, with its unique mode of influencing the skin growth. This agreement demonstrates Foamix's commitment to seek out novel treatments for important dermatological conditions, such as psoriasis. The VIB compounds will be a unique addition to our current in-house dermatological and gynecological pipeline. We look forward to seeing the product progress further through clinical development and towards market.”

“We are very proud to partner with an industry leader such as Foamix,” said Dr. Karine Clauwaert, VIB’s Director of Business Development, Life Sciences. “Foamix earned its position as a leading drug development company through a series of successful projects with multinational pharma partners and we are confident that partnering with Foamix offers the best opportunity for our drugs to reach the market successfully,” she noted.

About Foamix:

Headquartered in Ness Ziona, Israel, Foamix Ltd. is a leading developer of topical foams for dermatology and gynecology. Foamix’s state-of-the-art foams provide controlled delivery of a variety of active ingredients. Foamix is a privately held company, whose business model is based on partnering with leading pharma companies to develop products utilizing its proprietary foam technologies. Foamix is currently collaborating with 10 pharmaceutical companies on 12 projects in the development of proprietary dermatological and gynecologic foam drugs, and has its own in-house pipeline of dermatological and gynecological drugs in foam presentation.

Foamix holds 3 patents and has 70 patents pending.

For additional information please visit www.foamix.co.il.

About VIB

VIB, the Flanders Interuniversity Institute for Biotechnology, is a research institute where 900 scientists conduct gene technological research in a number of life-science domains, such as human health care and plant systems biology. Through a joint venture with four Flemish universities (Ghent University, the Katholieke Universiteit Leuven, the University of Antwerp, and the Vrije Universiteit Brussel) and a solid funding program for strategic basic research, VIB unites the forces of nine university science departments in a single institute. Through its technology transfer activities, VIB strives to convert the research results into products for the benefit of consumers and patients. VIB also distributes scientifically substantiated information about all aspects of biotechnology to a broad public.

For more information about VIB visit www.vib.be .