Company Concurrently Conducts Phase II Study of Betamethasone 0.12% Emollient Foam for the Treatment of Psoriasis

Ness Ziona, Israel, September 12, 2005 --- Foamix ( www.foamix.co.il) announced today plans to commence a Phase II, placebo controlled clinical trial of TerbiFoam™ 2% Foam for the treatment of athlete’s foot. This follows an official approval of the study by the Ethical Committee of the Laniado-Sanz Medical Centre, Netanya, Israel. The study, to be conducted by Dr. Avner Shemer, Principal Investigator, will include 30 patients.

Athlete’s foot, or tinea pedis, is a fungal infection that can grow and multiply on human skin, especially the feet. It grows best in a dark, moist, and warm environment, such as in a closed shoe. Athlete’s foot causes the skin to peel, dry, scale and blister, inducing swelling, burning and intensive itching, detracting from quality of life of those inflicted. It is estimated that 70% of the population will be infected with Athlete’s foot at some time. In the USA alone, 5.6 million prescriptions for antifungal treatments such as TerbiFoam™ are filled annually, with annual sales reaching nearly $1 billion.

“This is a very big step in the direction of usability and patient comfort. Current treatments require multiple applications during the course of the day. They also require the rubbing of ointments or creams into the sore skin. It is anticipated that TerbiFoam™ will require application of an easily spread, immediately absorbed, foam product only once a day. We believe these benefits will enhance patient compliance and improve the clinical effects of treatment,” said Foamix CEO Dr. Dov Tamarkin.

It was also announced today that Foamix is concurrently conducting a controlled Phase II clinical trial of its proprietary Betamethasone 0.12% Emollient Foam, for the treatment of psoriasis. Psoriasis is an immune-mediated, genetic disease that attacks the skin and/or the joints. Symptoms include raised, red patches or lesions covered with scale, a silvery white buildup of dead skin, that usually appear on the scalp, knees, elbows and torso. Like Athlete’s foot, patients experience severe itching and discomfort. Large areas of psoriasis can lead to infection, fluid loss and poor blood flow. It is estimated that 4.5 million adults in the United States and 1-3% of the world population live with this condition. It is approximated that the overall cost of treating psoriasis exceeds $3 billion annually.

About Foamix

Headquartered in Ness Ziona, Israel, Foamix Ltd. develops alcohol-free, non-flammable, stable foam products for prescription, Over-the-Counter and cosmetic uses. Foamix’s state-of-the-art foams provide controlled delivery of a variety of active ingredients. They are also able to enhance intradermal delivery of actives, for optimal effect. The Company’s development capabilities range from initial development of foam formulations to scale-up, GMP manufacturing and clinical supplies. The Company was founded in January 2003 by CEO Dr. Dov Tamarkin, COO Mr. Meir Eini and Chief Technology Officer Dr. Doron Friedman. The Company employs 24 people and has 22 patents pending. In addition, Foamix recently received three U.S. patent approvals for its OilGel™ topical delivery platform. Foamix Ltd. is a pre-IPO, privately held company, currently looking to establish partnerships with likeminded cosmetic companies.

For additional information: Marjie Hadad, Media Liaison, Marjie@foamix.co.il or +972-54-536-5220.