SkinDrop, a company that sells products that help skin stay healthy, has been awarded $100 million by the United States Food and Drug Administration (FDA) for its SkinDrop product, the first-ever biopharmaceutical drug to receive the FDA approval.
The $100-million deal was announced in the latest issue of the New York Times and was announced on January 29th, 2018, at the FDA’s annual meeting in San Francisco.
SkinDrop is based in California and is a new company in the biopharma space.
It was founded in 2014 by two former employees of drug company Novartis AG, both of whom have since left the company, according to the Times.
It was founded with the intention of using its expertise in biopharmacology to help the world stay healthy.
The company hopes to help people stop having skin diseases by using a new kind of biopharamaceutical that uses proteins found in skin to fight the common skin diseases, such as psoriasis and eczema, the Times reports.
The FDA approved SkinDrop in March 2018 and it is now available in the United Kingdom, France, Germany, Australia, Canada, India, New Zealand and the United Arab Emirates.
The FDA also approved the FDA-approved SkinDrop brand in October 2017.
The company plans to roll out the first commercial product to the market next year, according the Times, which also notes that SkinDrop has received a number of accolades, including the 2015 Innovation Prize for Best Biopharmaceutics from the American Academy of Dermatology and the 2015 Global Innovation Award for Best Biosimilar for a Biospecimen Therapeutic Drug.
The SkinDrop skin drops can help prevent the spread of skin diseases such as eczematous pustules, a skin infection that causes swelling and crusting that causes pain and inflammation.
The skin drops are made of a bioplastonic material that uses a polymer matrix to help absorb excess oil, which is then released to help heal the skin.
In addition to helping people with eczemic skin, SkinDrop products have also been used to treat eczymatous skin conditions including psoriac cysts, psorinitis, eczomegalovirus and acne.