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Sol-Gel Technologies prices $10M ordinary share offering

Sol-Gel Technologies Ltd. priced an underwritten public offering of 1,250,000 ordinary shares at $8 per share.

The Israel-based dermatology company also granted underwriters a 30-day option to buy up to an additional 187,500 ordinary shares at the same price.

Gross proceeds are expected to be about $10 million. Sol-Gel plans to use net proceeds for the pre-commercialization activities for its skin creams Epsolay and Twin.

Part of the proceeds will also be used for working capital and other general corporate purposes.

Jefferies LLC is acting as sole book-running manager for the offer.

The offering is expected to close on or about Aug. 12.