In a recent company statement, Sol-Gel Technologies of Israel said that it had successfully completed a private placement of US$ 1.95 million and has received a commitment for a further investment of …
In a recent company statement, Sol-Gel Technologies of Israel said that it had successfully completed a private placement of US$ 1.95 million and has received a commitment for a further investment of US$ 1 million. “We plan to accelerate development of our new sunscreen lotion, which has proven to be safer and more effective than current products,” said Dr. Alon Seri-Levy, CEO of Sol-Gel Technologies. “In addition, we intend to apply our platform glass-manufacturing technology to develop a wide range of new cosmetic, pharmaceutical and industrial products.” Sol-Gel“s breakthrough technology enables silica glass to be manufactured at room temperature, making possible a large variety of novel industrial uses for glass. The company“s first product is a sunscreen lotion in which chemicals that absorb ultraviolet sun radiation are encased in tiny glass spheres. The Sol-Gel glass serves as a barrier between the radiation-absorbing chemicals and the skin, enabling highly-efficient concentrations of chemicals to be contained in a sunscreen lotion, without causing damage to the skin from direct chemical contact. The company added that it has completed successful safety and efficacy studies in Australia and Germany and is constructing a pilot production plant in Jerusalem.