We are a development stage specialty pharmaceutical company, founded in 1998, focused on advancing and commercializing innovative medical dermatology products. We are currently developing PEP005, which is the first in a new class of compounds and which is derived from Euphorbia peplus, or E. peplus, a rapidly growing, readily-available plant, commonly referred to as petty spurge or radium weed. The sap of E. peplus has a long history of traditional use for a variety of conditions, including the topical self-treatment of various skin disorders, such as skin cancer and pre-cancerous skin lesions.

Our lead product candidate, for which we recently completed a Phase IIb clinical trial, is a patient-applied topical gel containing PEP005 (ingenol mebutate), a compound the use of which we have patented for the treatment of actinic keratosis, or AK. AK is generally considered the most common pre-cancerous skin condition and typically appears on sun-exposed areas of the skin as small, rough, scaly patches. If left untreated, AK lesions may progress to a form of skin cancer called squamous cell carcinoma, or SCC. We believe that our lead product candidate, PEP005 (ingenol mebutate) Gel for AK, once developed and if approved for commercialization by the appropriate regulatory authorities, could offer patients an effective and well-tolerated treatment alternative for AK with a short, two-to-three day application regimen that could be performed by the patient at home.

We are also developing a product candidate containing PEP005 (ingenol mebutate), the use of which we have patented for the treatment of superficial basal cell carcinoma, or superficial BCC. This product candidate is currently in Phase IIa clinical trials. BCC is the most commonly occurring cancerous lesion and can present in two forms, nodular BCC, which appears as a shiny bump or nodule that may be confused with a mole, and superficial BCC, which has a slightly raised, ulcerated or crusted surface. Our development of PEP005 (ingenol mebutate) Gel for BCC is at an earlier stage than that of PEP005 Topical for AK. However, we believe that this product candidate, once developed and if approved for commercialization by the appropriate regulatory authorities, could offer patients an effective and well-tolerated treatment alternative for superficial BCC with a short, one or two day application regimen that could be applied in the physician's office by a clinician.

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