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Foamix Pharmaceuticals, an Israeli biotech developing topical foam treatments for moderate-to-severe acne, announced terms for its IPO on Wednesday. The Rehovot, Israel-based company plans to raise $65 million by offering 6.0 million shares at a price range of $10 to $12. At the midpoint of the proposed range, Foamix Pharmaceuticals would command a fully diluted market value of $234 million.

Acne products represent a more-than $3 billion industry. Foamix expects to enter Phase 3 trials for its lead candidate, a 4% minocycline foam formulation acne treatment, in 2015. It is also targeting 2015 to begin Phase 3 trials for its treatment of impetigo, a bacterial skin infection that primarily affects young children. The company expects to develop both candidates through the FDA's 505(b)(2) regulatory pathway for faster approval.

Foamix has entered licensing agreements with Bayer, Merz and Actavis for its foam technology, and has received about $15 million from these partners to date. The company is owned primarily by management and Israel-based private investors.

Four biotechs based in Israel have gone public this year and a fifth, Vascular Biogenics, pulled its IPO after one week of trading. Bio Blast Pharma, Macrocure, MediWound and Galmed Pharmaceuticals all trade below their IPO price, with the latter two down about 50%. Late-stage botox biotech Revance Therapeutics (RVNC) fell about 25% in early August, but still trades about 45% above its offer price. An American biotech targeting acne and other skin conditions, Dermira, filed for a $75 million IPO last week.

Foamix Pharmaceuticals, which was founded in 2003 and booked $3 million in licensing agreements for the 12 months ended June 30, 2014, plans to list on the NASDAQ under the symbol FOMX. Barclays and Cowen & Company are the joint bookrunners on the deal. It is expected to price during the week of September 15, 2014.