NESS ZIONA, Israel and SOPHIA-ANTIPOLIS, France, April 29 2008

Foamix Ltd, a global leader in the development of dermatological foam medications and Galderma, a worldwide specialty pharmaceutical company focused on dermatology, today announced that they have signed an agreement to develop an innovative medicated foam jointly. This new treatment contains a novel drug for the therapy of certain skin diseases

Under this agreement, Foamix will develop the foam formulation of the product and Galderma will subsequently conduct all other activities (clinical, non-clinical, etc). Foamix will receive staged payments on successful completion of the technical milestones of the project.

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 11 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 4 US patents and has 62 US patents pending, with further filings worldwide.
For additional information, please visit www.foamix.co.il.

About Galderma:

Galderma, created in 1981 as a joint venture between Nestle and L'Oreal, is a fully integrated specialty pharmaceutical company dedicated exclusively to the field of dermatology. The Company is present in 65 countries, with over 1,000 sales representatives and is committed to improving the health of skin with an extensive line of products to treat a range of dermatological conditions including: acne, rosacea, fungal nail infections, psoriasis & steroid-responsive dermatoses, pigmentary disorders, skin cancers and medical solutions for skin senescence. With a new research and development center in Sophia Antipolis, France, Galderma has one of the largest R&D facilities devoted exclusively to dermatology. Leading dermatology brands include Differin®, Rozex®/Metro®, Clobex®, Tri-Luma®, Loceryl® and Cetaphil®. Recently launched products include Pliaglis(TM), a topical anaesthetic for dermatologic procedures in the United-States, Epiduo®, an innovative combination product for the acne treatment in Europe and Argentina, and Dysport®, a botulinum toxin type A product for use in aesthetic medicine and dermatological indications in Brazil and Argentina.
The company's website is www.galderma.com.