Sol-Gel and Searchlight Pharma Announce Licensing Agreements to Commercialize TWYNEO and EPSOLAY in Canada

• Sol-Gel to receive up to $11 million in upfront payments and regulatory and sales milestones for both drugs, combined, plus additional royalties ranging from low double-digits to high-teens
• Non-dilutive capital strengthens Sol-Gel’s balance sheet
• Searchlight Pharma anticipates filing of Canadian regulatory submissions in early 2024, and for both products to become foundational pieces of its dermatology pipeline and portfolio
  

NESS ZIONA, Israel and MONTREAL, June 06, 2023 (GLOBE NEWSWIRE) -- Sol-Gel Technologies, Ltd. (NASDAQ: SLGL) (“Sol-Gel”), an Israel-based dermatology company and Searchlight Pharma Inc. (“Searchlight”), a private Canadian specialty pharmaceutical company, today announced the signing of exclusive license agreements for TWYNEO and EPSOLAY for the Canadian market. TWYNEO and EPSOLAY are two innovative, large-market, dermatology products that were developed by Sol-Gel. Both products recently launched in the U.S., and Searchlight is to commercialize them in Canada over a fifteen-year term that is renewable for subsequent five-year periods.

• TWYNEO (tretinoin, 0.1%, and benzoyl peroxide, 3%, cream) is used for the treatment of acne vulgaris in adults and pediatric patients 9 years of age and older.
• EPSOLAY (benzoyl peroxide, 5%, cream) is used for the treatment of inflammatory lesions of rosacea in adults.
  

“We are pleased to partner with a leading and dynamic specialty pharmaceutical company, Searchlight Pharma, to introduce our two innovative dermatology drugs to Canadian patients and to generate non-dilutive capital for our shareholders,” stated Alon Seri-Levy, Ph.D., Chief Executive Officer of Sol-Gel. “With this partnership, we look forward to expanding our strong commercial presence in North America and further strengthening our growing revenue base.”  

As part of the agreement terms, Sol-Gel will receive up to $11 million in potential upfront payments and regulatory and sales milestones for both drugs, combined. In addition, Sol-Gel will be entitled to royalty percentages of all Canadian net sales ranging from low-double-digits to high teens.

Mark Nawacki, President and Chief Executive Officer, of Searchlight Pharma Inc., commented, “TWYNEO and EPSOLAY are valuable additions to our growing portfolio in line with our philosophy to acquire innovative and unique specialty healthcare products in therapeutic areas within our strategic interest. Both products have had encouraging uptake by physicians in the U.S. over the past year, and we look forward to commercializing them for patients in Canada.”