Foamix obtains ethical committee approval for a Phase II clinical trial in psoriasis patients; The trial will assess the advantages of Foamix's innovative Betamethasone foam product

NESS ZIONA, ISRAEL, August 18, 2003 - Foamix Ltd., a leader in developing innovative topical delivery systems, announced today the approval of a clinical trial in psoriasis patients. The purpose of the study is to establish the safety and efficacy of Foamix's innovative Betamethasone Foam and to demonstrate its tolerability and acceptability in psoriasis patients. This is a double blind study, which we expect to initiate in January 2004, said Dov Tamarkin, Ph.D., Foamix's principal. We are aware of the existence of another Betamethasone foam of the market, however, our foam does not contain alcohol, which is known to cause skin to become dry and cracked. Alcohol penetrates through the skin's protective barrier and breaks down intercellular matrix, which, as recently stated in recent publications by the American Academy of Dermatology,  provokes psoriasis.

Foamix’s revolutionary foams do not contain alcohol, and thus, can be utilized for a variety of dermatological applications, and particularly psoriasis. “We have tailored the foam to be most suitable for psoriasis therapy”, said Dr. Doron Friedman, CTO of the company. “The foam vehicle is emulsion based, it contains skin protective and refatting agents, which are so important for successful treatment of these patients”, he added. “The Betamethasone program is part of our initiative to develop drugs independently, while promoting other products together with partners from the pharmaceutical industry” emphasized Dr. Tamarkin. While pursuing its prescription drug development programs, Foamix also develops a series of “easy to develop” over-the-counter foams, with the intention to be on the US market in mid-2004. About Foamix: Foamix Ltd. is a leader in topical drug development. The company develops three platforms of proprietary products lines: the Foamix foam (DermatoFoamix™ and CosmetoFoamix™) and the OILGEL™.