Sol‑Gel Technologies Ltd. (NASDAQ: SLGL) priced an underwritten offering of 459,112 ordinary shares at $72.00 per share on March 23, 2026, generating gross proceeds of approximately $33.1 million before underwriting discounts and commissions. The fully‑owned offering was oversubscribed and is expected to close on or about March 25, 2026.
The proceeds will be directed toward the continued development of the company’s lead clinical candidate, SGT‑610, a topical hedgehog inhibitor in Phase 3 for preventing new basal cell carcinoma lesions in patients with Gorlin syndrome. SGT‑610 has received Orphan Drug and Breakthrough Therapy designations, positioning it for a potentially $300 million annual market. In addition, the company will use the funds for pre‑commercialization activities and to support general corporate working capital.
Prior to the offering, Sol‑Gel’s cash position had been steadily declining: $21 million in cash as of September 30, 2025; $10.2 million in cash and $14 million in marketable securities as of June 30, 2025; and $20.9 million in cash and marketable securities as of September 30, 2025. The $33.1 million raise extends the company’s cash runway into the first quarter of 2027, reinforcing its ability to sustain the Phase 3 program and maintain liquidity while pursuing regulatory milestones.
CEO Alon Seri‑Levy has previously expressed optimism about SGT‑610, noting, “We are pleased to initiate patient screening in this Phase 3 trial that has been long awaited by the Gorlin syndrome patient community.” The company’s two FDA‑approved dermatology products, TWYNEO® and EPSOLAY®, were sold in U.S. rights to Mayne Pharma in 2025, providing a significant cash infusion that helped fund the current offering.
Investors focused on dilution concerns surrounding the new shares, which tempered the market response to the announcement. The offering demonstrates Sol‑Gel’s continued confidence in its pipeline and its strategy to secure the capital needed to bring SGT‑610 to market while maintaining operational stability.
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