Sol-Gel Technologies Ltd (NASDAQ: SLGL) was a top gainer in yesterday’s trading session. The stock rallied by 90%, but closed the day with gains of 58.18%. This followed news that the company’s treatment for acne had been found to be effective.
The results from its two key phase 3 trials for its treatment called Twyneo had statistically significant results on all co-primary endpoints in treating patients suffering from acne vulgaris. The treatment is a combination of microencapsulated tretinoin and microencapsulates benzoyl peroxide. In trials, the treatment had been found to be tolerated well, and most reactions were mild, and with improvement, as time progressed.
Commenting on the breakthrough, the CEO, Dr. Alon Seri-Levy stated that, the company was excited to share those robust results. He added that, the results demonstrate the potential of the company’s microencapsulation technology in delivering a new kind of efficacy in the treatment of topical acne.
The company stated that, it will present an NDA on the treatment in H2 of 2020, and that it expects to commercialize it in H2 of 2021. Medical experts also weighed in on the development. One of them is Hillary Baldwin, a clinical dermatologist who stated that, he expects physicians to add Twyneo as one of their treatments of choice for acne. He further added that, the data that the company had presented offered superior efficacy while at the same time maintaining the tolerability that comes with conventional treatment.
From a look at its price action, the stock was in a breakout in yesterday’s trading session. It opened with a gap up and rallied by over 90%. It traded between $14.20 and $21 before closing the day at $14.60. Volumes in the day stood at 2.12 million.
About Sol-Gel Technologies Ltd
Sol-Gel Technologies Ltd is a biopharma company that focuses on developing dermatological treatments. It is based in Ness Ziona, Israel.