Foamix Raises $40M In NASDAQ IPO

September 21, 2014 | The Israeli dermatology company Foamix Pharmaceuticals announced that it finished the pricing stage of its NASDAQ IPO. However, the company was forced to dramatically reduce the price and extent of the offering in order to complete it. Foamix originally wanted to raise $65 million at a company value of $234 million, after money, but it only raised $40 million after increasing the number of shares and lowering the share price to $6 per share at a company value of $128 million, after money. The chief underwriters for the IPO were Barclay’s Capital and Cowen & Co., and second underwriters were Oppenheimer and Maxim Group. Foamix specializes in the development of new foam formulations for drugs and dermatology products, as opposed to traditional ointments, founded by CEO Dr. Dov Tamarkin and COO Meir Eini.