Ness Ziona, Israel, March 26, 2008

Foamix Ltd. a leading worldwide developer of topical foams for dermatology and gynecology is honored among this year's most promising private technology ventures in the Europe.

Red Herring announced that Foamix Ltd. was named a Finalist of Red Herring 100 Europe, an award given to the top 100 private technology companies based in the EMEA (Europe, Middle East and Africa) region each year. Red Herring’s editorial staff rigorously evaluated several hundred private companies through a careful analysis of financial data and subjective criteria, including quality of management, execution of strategy, and dedication to research and development.

“This year’s impressive list of submissions from companies demonstrates Europe’s growing role as a major center of innovation in the global technology sector,” said Red Herring Editor-in-Chief Joel Dreyfuss. “The exceptional accomplishments of European technology startups and entrepreneurs are a testament to the rapid advancements being made in building the European innovation ecosystem.”

“We are thrilled to be listed among the top technology companies in Europe,” said Dr. Dov Tamarkin, CEO of Foamix. “The Red Herring 100 Europe Award nomination acknowledges the strength and continued success of Foamix's technology, intellectual property and corporate partnerships; and it reassures our strategic decision to continue working with industry leaders, while we reinforce the development of our in-house dermatology and gynecology drug portfolio.”

Red Herring’s lists of top private companies are an important part of the publication’s tradition of identifying new and innovative technology companies and entrepreneurs. Companies like Google, eBay, and Skype were spotted in their early days by Red Herring editors, and touted as leaders that would change the way we live and work.

Red Herring will honor the Red Herring 100 Europe Finalist companies at its Red Herring Europe 2008 event. Scheduled for April 14-16, at the Westin Dragonara Resort, this intimate, three-day event is themed “The Pursuit of Disruption” and will explore how European firms are leading the charge in many technology sectors, gaining the competitive advantage, and driving entrepreneurial success in ways that create business opportunities for challengers and incumbents alike.

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 9 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 3 patents and has 62 patents pending.

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