<SEC-DOCUMENT>0001571049-17-003118.txt : 20180301
<SEC-HEADER>0001571049-17-003118.hdr.sgml : 20180301
<ACCEPTANCE-DATETIME>20170403135535
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001571049-17-003118
CONFORMED SUBMISSION TYPE:	DRSLTR
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20170403

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Sol-Gel Technologies Ltd.
		CENTRAL INDEX KEY:			0001684693
		STANDARD INDUSTRIAL CLASSIFICATION:	PHARMACEUTICAL PREPARATIONS [2834]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			L3
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DRSLTR

	BUSINESS ADDRESS:	
		STREET 1:		7 GOLDA MEIR ST.
		STREET 2:		WEIZMANN SCIENCE PARK
		CITY:			NESS ZIONA
		STATE:			L3
		ZIP:			7403648
		BUSINESS PHONE:		97289313433

	MAIL ADDRESS:	
		STREET 1:		7 GOLDA MEIR ST.
		STREET 2:		WEIZMANN SCIENCE PARK
		CITY:			NESS ZIONA
		STATE:			L3
		ZIP:			7403648
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    <TD STYLE="width: 50%; font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 50%; font-size: 10pt; text-align: left; padding-left: 0.75in"><FONT STYLE="font-size: 10pt">Tel Aviv, April
    3, 2017</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; padding-left: 0.75in"><FONT STYLE="font-size: 10pt">Our ref: 13096/2001</FONT></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>VIA EDGAR </U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Ms. Suzanne Hayes</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Assistant Director</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Securities and Exchange Commission</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Division of Corporation Finance</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">100 F Street, N.E.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Washington, D.C. 20549</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt; margin-left: 1.75in"><B>Re: Sol-Gel Technologies Ltd.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt; margin-left: 1.75in"><B>Draft Registration Statement on Form F-1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt; margin-left: 1.75in"><B>Submitted September 28, 2016</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt; margin-left: 1.75in"><B><U>CIK No. 0001684693</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Dear Ms. Hayes:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 28.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 28.35pt">On behalf of Sol-Gel
Technologies Ltd. (the &ldquo;<U>Company</U>&rdquo;), we provide the Company&rsquo;s response to the comment letter dated October
26, 2016 relating to the above referenced filing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 28.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 28.35pt">For your convenience,
the relevant comment of the Staff of the Securities and Exchange Commission (the &ldquo;<U>Staff</U>&rdquo;) has been restated
below in its entirety in bold, with the Company&rsquo;s response set forth immediately under it. Capitalized terms used herein
but not otherwise defined shall have the meanings ascribed to them in the above referenced Registration Statement on Form F-1 (the
&ldquo;<U>Registration Statement</U>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B><I><U>Prospectus Summary</U></I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B><I><U>Overview of Our Product Candidates,
page 2</U></I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><B><I>1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
note that the prospectus states that the only generic product candidate you discuss is ivermectin cream, 1%. According to your
description of the current stage of development, this appears to be the product candidate identifies as Product Y on your Website.
Please tell us about the product identified as Product X on your website and explain why you have not provided any disclosure about
it.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 17.85pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 17.85pt">In response to the
Staff&rsquo;s comment, the Company has updated its website and removed the reference to Product X, which is currently owned by
the controlling shareholder of the Company. In addition, the Registration Statement was revised to identify a new generic product
candidate being developed in collaboration with Perrigo UK (&ldquo;Product Z&quot;), which also appears on the Company&rsquo;s
website. The identity of Product Z has not been disclosed at this time as Product Z is a generic product and such disclosure might
substantially affect our ability to reach the market before our competitors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><B><I>2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Safety
and efficacy determinations are solely within the FDA's authority. As your product candidates have not received FDA approval, it
is premature to state that they are safe or effective. To the extent that your clinical trials support the statements, you may
state that your product candidates have shown to be well tolerated and demonstrated statistically significant improvements. Please
revise your statement &quot;VERED demonstrated statistically significant efficacy compared to the control vehicle group&quot; and
all other statements indicating that your products are safe and effective.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Ms. Suzanne Hayes</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Securities and Exchange Commission</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">April 3, 2017</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Page 2</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 21.3pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 21.3pt">In response to the
Staff&rsquo;s comment, the Company has revised the statements throughout the Registration Statement with respect to the safety
and efficacy of its product candidates, and emphasized that based on a Phase II clinical trial that the Company has conducted,
and which involved 92 adult patients at ten centers in the United States, the Company observed statistically significant improvements
in achieving the IGA success co-primary endpoint and in reducing papulopustular-lesions based on the percentage change in the inflammatory
lesion count from baseline at week 12 in the subjects in the VERED group compared to the control vehicle group, as described on
pages 80-86.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17.85pt; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17.85pt; text-align: justify"><B><I>3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
note your statement in the fourth paragraph that you believe E-06 &quot;will improve patient comfort and compliance as compared
to currently approved products.&quot; Additionally, we note your disclosure on page 25 indicating that your branded product candidates
were not, and will not be subject to head-to-head clinical trials with drugs considered the applicable standard of care. Please
revise the referenced statement comparing E-06 and all your other branded products to currently approved products.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 21.3pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 21.3pt">In response to the
Staff&rsquo;s comment, the Company has revised the foregoing statements on pages 2 and 78 to address the Staff's comment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B><I><U>Our Strengths, page 3</U></I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><B><I>4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
note your reference in the second paragraph on page 4 to a &quot;[f]aster NDA approval process compared to new chemical entities.&quot;
As currently drafted, the disclosure implies that your product candidates will be approved and the process will be easier or faster
than the approval process for other chemical entities. Although you may rely upon the FDA's previous findings of safety and efficacy
of an approved product, your product is still distinct from prior products approved by the FDA. While it is appropriate for you
to say that you will be relying upon prior findings during your development program and the process may be more efficient than
if you conducted similar trials, please revise your disclosure to remove any implications that your product candidates will be
approved, are more likely to receive FDA approval or will be approved quickly. Please also make similar revisions throughout your
prospectus, including in your Business section, as necessary.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 21.3pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 21.3pt">In response to the
Staff&rsquo;s comment, the Company has revised the disclosure related to the FDA&rsquo;s 505(b)(2) regulatory pathway throughout
the Registration Statement, and indicated, per the Staff&rsquo;s recommendation, that such a regulatory pathway may result in a
more efficient development program because it permits reliance, in part, on studies not conducted by or for the applicant and for
which the applicant has not obtained a right of reference, and therefore may reduce the number of clinical trials that the Company
may be required to independently conduct.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B><I><U>Implications of Being an Emerging
Growth Company and a Foreign Private Issuer, page 6</U></I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><B><I>5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Please
supplementally provide us with copies of all written communications, as defined in Rule 405 under the Securities Act, that you,
or anyone authorized to do so on your behalf, present to potential investors in reliance on Section 5(d) of the Securities Act,
whether or not they retain copies of the communications.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Ms. Suzanne Hayes</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Securities and Exchange Commission</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">April 3, 2017</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Page 3</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 21.3pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 21.3pt">The Company respectfully
advises the Staff that as of the date of this letter it has not made, or authorized anyone to make on its behalf, any written communications,
as defined in Rule 405 under the Securities Act of 1933, as amended (the &quot;<U>Securities Act</U>&quot;) to potential investors
in reliance on Section 5(d) of the Securities Act. If the Company makes, or authorizes anyone to make on its behalf, any written
communications, as defined in Rule 405 under the Securities Act, to potential investors in reliance on Section 5(d) of the Securities
Act, the Company will provide copies of such communications to the Staff for its review.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><B><I>6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
note your statement that you may delay the adoption of certain accounting standards until those standards would otherwise apply
to private companies. This statement is not consistent with your statement on page 74 which indicates that you have elected to
utilize this exemption and will not be subject to the same new or revised accounting standards as other public companies that are
not emerging growth companies. Please revise your disclosure to provide consistent disclosure about your intent to rely on the
extended transition period.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 21.3pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 21.3pt">In response to the
Staff&rsquo;s comment, the Company has revised the disclosure on page 6 of the Registration Statement to indicate its intention
to rely on the extended transition period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B><I><U>Risk Factors</U></I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B><I><U>The Israeli government grants that
we have received..., page 42&quot;</U></I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><B><I>7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Please
identify your product candidates that are subject to conditions and restrictions related to Israeli government grants.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 21.3pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 21.3pt">In response to the
Staff&rsquo;s comment, the Company has revised the disclosure on page 42 to identify the product candidates that are subject to
conditions and restrictions related to Israeli government grants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B><I><U>As a foreign private issuer whose
shares are listed on the NASDAQ, page 49</U></I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><B><I>8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
note your disclosure on page 55 and throughout the prospectus that you intend to follow home country corporate governance practices.
Please revise to provide a concise summary of all material differences between corporate governance practices in Israel and required
by NASDAQ for domestic companies.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 21.3pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 21.3pt">In response to the
Staff&rsquo;s comment, the Company has revised the disclosure on page 49 of the Registration Statement to provide a concise summary
of all material differences between corporate governance practices in Israel and required by NASDAQ for domestic companies. In
addition, the Company has added a section on home country corporate governance practices on pages 139-140.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I><U>Market and Industry Data, page
55</U></I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><B><I>9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You
state &quot;[w]e have not independently verified any of the data from third-party sources nor have we ascertained the underlying
economic assumptions relied upon therein.&quot; To eliminate any inference that you are not liable for all of the information in
your registration statement, please delete this statement or include a statement specifically acknowledging your liability for
information that appears in your registration statement that was obtained from third party sources.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Ms. Suzanne Hayes</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Securities and Exchange Commission</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">April 3, 2017</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Page 4</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 21.3pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 21.3pt">In response to the
Staff&rsquo;s comment, the Company has deleted the foregoing statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B><I><U>Use of Proceeds, page 56</U></I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><B><I>10.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Please
revise the discussion to identify the stage of development you expect to achieve with the proceeds of the offering. To the extent
you expect to begin particular stage of development but do not expect to complete it, please indicate that you will need to raise
additional funding to complete that stage of development.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 21.3pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 21.3pt">In response to the
Staff&rsquo;s comment, the Company has revised the disclosure under &quot;Use of Proceeds&quot; on pages 57-58 to address the Staff's
comment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><B><I>11.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
note your statement that &quot;[a]s of the date of this prospectus, we cannot predict with certainty any or all the particular
uses for the net proceeds. ,[a]s a result, our management will have broad discretion in the application of the net proceeds..&quot;
Please revise to clarify whether any of the proceeds from the offering may be used to repay indebtedness, which totaled $19.7 million.
Please provide the disclosure required by 3.C of Form 20-F.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 21.3pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 21.3pt">In response to the
Staff&rsquo;s comment, the Company has revised the disclosure under &quot;Use of Proceeds&quot; on page 57 to indicate that the
proceeds from the offering will not be used for the repayment of any of its indebtedness.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B><I><U>Management's Discussion and Analysis
of Financial Condition and Results of Operations</U></I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B><I><U>Collaboration Agreements, page 64</U></I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><B><I>12.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
note that ivermectin cream, 1% is being developed in collaboration with a major generic drug company. Identify your collaborative
partner throughout your filing. File the agreement as an exhibit or provide an analysis supporting your determination that you
are not required to file it pursuant to Item 601(b)(10) of Regulation S-K.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 28.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 28.35pt">In response to the
Staff's comment, the Company has revised the Registration Statement to identify the collaborative partner, Perrigo UK Finco Limited
Partnership (&quot;Perrigo UK&quot;). In addition, the Company will file the agreement with Perrigo UK as an exhibit as soon as
practicable. The Company also notes that confidential treatment will be requested for this exhibit.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><B><I>13.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Please
expand the discussion of your collaborative agreement related to ivermectin cream, 1% to disclose termination provisions and each
party's obligations under the agreement, including cost sharing provisions and expenses related to potential patent infringement
litigation.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 28.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 28.35pt">In response to the
Staff&rsquo;s comment, the Company has expanded the description of the terms of the collaboration agreement related to ivermectin
cream, 1%, on pages 65 and 91.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><B><I>14.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Please
file your agreement with Perrigo Israel as an exhibit or provide an analysis supporting your determination that you are not required
to file it pursuant to Item 601(b)(1) of Regulation S-K. Furthermore, please also describe all termination provisions and disclose
when the obligation to pay royalties terminates. </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Ms. Suzanne Hayes</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Securities and Exchange Commission</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">April 3, 2017</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Page 5</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 28.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 28.35pt">The Company acknowledges
the Staff&rsquo;s request and notes that it will file the agreement with Perrigo Israel as an exhibit as soon as practicable. The
Company also notes that confidential treatment will be requested for this exhibit. In addition, the Company has expanded the description
of the terms of the agreement with Perrigo Israel on pages 65 and 91.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B><I><U>Significant Accounting Policies and
Estimates</U></I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B><I><U>Stock-Based Compensation, page 71</U></I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><B><I>15.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Once
you have an estimated offering price or range, please explain to us how you determined the fair value of the common stock underlying
your equity issuances and the reasons for any differences between the recent valuations of your common stock leading up to the
IPO and the estimated offering price. This information will help facilitate our review of your accounting for equity issuances
including stock compensation and beneficial conversion features.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 28.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 28.35pt">The Company acknowledges
the Staff's comment. The Company shall supplementally provide the information requested by the Staff once such information becomes
available.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><B><I>16.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
a related matter, we note that you performed a retrospective valuation in April 2016 in which you determined your enterprise value
and allocated it among the different elements of your share capital using an option pricing model. Please tell us how the August
4, 2014 securities purchase agreement with Arkin Dermatology in exchange for a cash payment of approximately $10.5 million in addition
to an earn out payment of up to $17.0 million based on the achievement of certain development and revenue-related milestones was
considered in the calculation of your enterprise value.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 28.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 28.35pt">In response to the
Staff&rsquo;s comment, the Company respectfully advises the Staff that the Company&rsquo;s value, as reflected in the August 2014
purchase agreement, was based on the Company&rsquo;s financial position at that time, which resulted in the suspension of the
development of all of its projects. However, the valuation as of April 2015 took into consideration the additional investment
of $5.6 million made by the Company's controlling shareholder and the renewal of the Company's projects, resulting in an
enterprise value of approximately $41.3 million.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B><I><U>Business, page 75</U></I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><B><I>17.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
note your statement on page 1 indicating that you believe your microencapsulation delivery system enables you to develop topical
dermatological drug products &quot;with potentially significant advantages over existing marketed drug products&quot; and your
similar discussion under &quot;[proprietary microencapsulation drug delivery system&quot; on page 4. Please revise this discussion
to provide the basis for your belief. Alternatively, remove statements indicating that your technology enables you to develop products
with advantages to existing products.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 28.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 28.35pt">In response to the
Staff&rsquo;s comment, the Company has revised its disclosure on pages 1, 64 and 76 to indicate that the basis for such a belief
are the results of a nonclinical study conducted by the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Ms. Suzanne Hayes</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Securities and Exchange Commission</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">April 3, 2017</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Page 6</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B><I><U>Branded Product Candidates, page
80</U></I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><B><I>18.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Please
identify the product candidates that were partially funded based on OCE grants and quantify your royalty obligations with respect
to these product candidates. Additionally, revise the description of ivermectin cream, 1%.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 28.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 28.35pt">In response to the
Staff's comment, the Company has revised the Registration Statement on pages 42 and 106 to identify the product candidates that
were partially funded based on OCS grants. Quantitative information on the royalty obligations is disclosed on pages 105-106 of
the Registration Statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><B><I>19.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
the extent there were any serious adverse effects related to treatment with any of your branded or generic product candidates,
please revise your disclosure to describe the effects.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 28.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 28.35pt">In response to the
Staff's comment, the Company has revised the Registration Statement on page 78 to indicate that as of the date hereof, no deaths
or other serious adverse events were reported during the ongoing clinical trials.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><B><I>20.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
note on page 81 that during the Phase II trial for VERED the first co-primary endpoint was the proportion of patients with a two
grade reduction in investigator global assessment, or IGA, scored clear or almost clear. Please describe any guidance that was
provided in determining what constituted &quot;clear&quot; or &quot;almost clear.&quot;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 28.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 28.35pt">In response to the
Staff's comment, the Company has revised the Registration Statement on page 81 to describe its definitions of &quot;clear&quot;
or &quot;almost clear&quot; in the VERED Phase II trial and its correspondence with the FDA on this matter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B><I><U>Our Topical Drug Delivery Technology
Platform, page 90</U></I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><B><I>21.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
note your statement on page 91 that &quot;[t]he FDA preliminarily accepted [your] suggested in-process specification and analytical
procedures for the encapsulated product candidates.&quot; Please summarize the nature and extend of your communications, if any,
with the FDA regarding your product candidates and clinical trials.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 28.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 28.35pt">In response to the
Staff&rsquo;s comment, the Company has revised the Registration Statement on page 91 to remove the reference to the correspondence
with the FDA regarding the preliminarily acceptance of the Company's suggested in-process specification and analytical procedures
for the encapsulated product candidates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B><I><U>Intellectual Property, page 91</U></I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><B><I>22.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Please
expand your disclosure to indicate the products related to your current patents and patent applications. Additionally, clarify
the type of patent protection such as composition of matter, use of process; provide patent expiration dates or expected expiration
dates for patent applications; and identify the applicable jurisdictions for existing patents and pending patent applications.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 28.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 28.35pt">In response to the
Staff&rsquo;s comment, the Company has revised the Registration Statement on page 92 to clarify that a portion of its patent portfolio
is related to its product candidates while the remainder of Company's patent portfolio relates to other technologies unrelated
to its product candidates.&nbsp; In addition, the Company has revised this section of the Registration Statement to include</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Ms. Suzanne Hayes</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Securities and Exchange Commission</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">April 3, 2017</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Page 7</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">the types of protection afforded by these
patents. As noted on page 92 of the Registration Statement, the Company believes that only one U.S. patent and one pending U.S.
patent application are material to its business.&nbsp; Therefore, the Company has only included the expiration dates relating to
this material patent and patent application, as well as supplemented the disclosure to provide further information regarding these
patents&rsquo; foreign counterparts.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><B><I>23.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
note your disclosure on page F-13 that you licensed certain commercialization rights with respect to Yissum patents. Please tell
us whether any of your product candidates are dependent on technology you licensed from Yissum.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 28.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 28.35pt">The Company's agreement
with Yissum subjects the Company to royalty payments for products covered by the Yissum patents and/or other Company patents as
defined by that agreement. The Company's encapsulated products (VERED, TWIN, and SIRS-T) are dependent on the technology we license
from Yissum.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B><I><U>Exhibits, page II-3</U></I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><B><I>24.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Please
file your employment or services agreements with your executive officers and the 2014, 2015 and 2016 loan agreements with Arkin
Dermatology as exhibits.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 28.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 28.35pt">The Company respectfully
advises the Staff that it is a 'foreign private issuer' that furnishes compensatory information required by Items 6.B and 6.E.2
of Form 20-F, and it is therefore deemed compliant with Item 402(a)(1) of Regulation S-K. Accordingly, the Company respectfully
advises the Staff that it is exempt from filing the employment or service agreements with its executive officers as exhibits pursuant
to Item 601(b)(10)(c)(5) of Regulation S-K. The Company has filed the loan agreements with Mr. Moshe Arkin as exhibits to the Registration
Statement. The Company also notes that it has modified disclosure about such loan agreements on page 131.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><B><I>25.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Please
tell us the basis for your determination not to file your lease agreement for your facility in Weizmann Science Park referenced
on page 106.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 28.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 28.35pt">In response to the
Staff' comment, the Company has filed informal English translations of the lease agreements as exhibits to the Registration Statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B><I><U>Other</U></I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><B><I>26.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Please
submit all outstanding exhibits as soon as practicable. We may have further comments upon examination of these exhibits.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 28.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 28.35pt">The Company acknowledges
the Staff&rsquo;s request and notes that it is filing additional exhibits on the date hereof and intends to file the balance of
the exhibits as soon as practicable. The Company also notes for the Staff that confidential treatment will be requested for certain
exhibits filed on the date hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><B><I>27.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Please
provide us proofs of all graphic, visual or photographic information you will provide in the printed prospectus prior to its use,
for example in a preliminary prospectus. Please note that we may have comments regarding this material.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Ms. Suzanne Hayes</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Securities and Exchange Commission</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">April 3, 2017</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Page 8</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 28.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 28.35pt">In response to the
Staff' comment, the Company advises the Staff that it may provide graphic, visual or photographic information to the Staff under
separate cover with sufficient time for the Staff to review prior to the circulation of preliminary prospectuses.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>* * * * *</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 28.35pt">We would be happy
to discuss any questions or comments you might have regarding the response set forth herein. Please do not hesitate to call the
undersigned at +972-3-607-4444.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 45%">&nbsp;</TD>
    <TD STYLE="width: 55%"><FONT STYLE="font-size: 10pt">Very Truly Yours,&nbsp; </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">/s/ Gene Kleinhendler</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Gene Kleinhendler, Adv.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Gross Kleinhendler Hodak Halevy Greenberg &amp; Co.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">cc: Alon Seri-Levy, Chief Executive Officer, Sol-Gel Technologies
Ltd.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
