<SEC-DOCUMENT>0001571049-17-007702.txt : 20180301
<SEC-HEADER>0001571049-17-007702.hdr.sgml : 20180301
<ACCEPTANCE-DATETIME>20170829170942
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001571049-17-007702
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		3
FILED AS OF DATE:		20170829

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:		CORRESP

	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
</SEC-HEADER>
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<TYPE>CORRESP
<SEQUENCE>1
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        <P STYLE="font: 7pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">53rd at Third</P>
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    <td rowspan="17"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">August 29, 2017</FONT></td>
    <td colspan="2" style="vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">FIRM /
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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0pt 0"><U>VIA EDGAR AND HAND DELIVERY</U></P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">Ms. Suzanne Hayes<BR>
Assistant Director</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">U.S. Securities and Exchange Commission<BR>
Division of Corporation Finance<BR>
100 F Street, N.E<BR>
Washington, D.C. 20549</P>

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

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<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">Re:</TD><TD><U>Sol-Gel Technologies Ltd. </U></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0in"><U>Registration Statement on Form
F-1 </U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0in"><U>(CIK No. 0001684693) </U></P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">Dear Ms. Hayes:</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On behalf of Sol-Gel Technologies Ltd. (the
&ldquo;<B><I>Company</I></B>&rdquo;), we are transmitting this letter in response to comments received from the staff (the &ldquo;<B><I>Staff</I></B>&rdquo;)
of the Securities and Exchange Commission (the &ldquo;<B><I>Commission</I></B>&rdquo;) by letter dated August 28, 2017 with respect
to the Company&rsquo;s draft Registration Statement on Form F-1 (the &ldquo;<B><I>Confidential Registration Statement</I></B>&rdquo;).
This letter is being submitted together with a copy of the Registration Statement on Form F-1, which was filed on EDGAR on August
29, 2017 and revises the Confidential Registration Statement to address the Staff&rsquo;s comments (the &ldquo;<B><I>Registration
Statement</I></B>&rdquo;). The bold and numbered paragraphs below correspond to the numbered paragraphs in the Staff&rsquo;s letter
and are followed by the Company&rsquo;s responses. For the Staff&rsquo;s convenience, we are also sending, by courier, copies of
this letter and marked copies of the Registration Statement that reflect changes made to the Confidential Registration Statement.</P>

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

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

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

<P STYLE="font: 7pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>August
29, 2017</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 45pt; text-indent: -45pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>Page
2</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 45pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt"><IMG SRC="t1702381_logo2.jpg" ALT=""></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 45pt">&nbsp;</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>Prospectus Summary</U></B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>Overview, Page 1</U></B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 45pt"><B>1.</B></TD><TD><B>We note your reference in the third paragraph on page 1 to a &ldquo;shorter regulatory approval process for our product
candidate compared with drug delivery systems based on novel excipients.&rdquo; As currently drafted,
the disclosure implies that your product candidates will be approved and the regulatory process will be shorter than it is for
other product candidates. 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.
If you continue to believe that the regulatory process is shorter than it is for other product candidates, please explain how you
expect your use of silica results in fewer trials, shorter trials or other ways of shortening the regulatory process timeframe.
Please also make similar revisions throughout your prospectus, including in your Business section, as necessary.</B></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 45pt; text-indent: -45pt"><B></B></P>




<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 45pt"><U>Response</U>: The Company acknowledges the Staff&rsquo;s
comment and has revised the disclosure in the Registration Statement on pages 1, 66 and 80.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 45.35pt; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>Risk Factors</U></B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>Page 21</U></B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 45pt"><B>2.</B></TD><TD><B>We note the risk factor on page 21 that 17.6% of patients enrolled in your TWIN Phase II clinical trial did not complete
the study. Please revise the Summary and Business section, to clarify that 128 patients did not complete the study.</B></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 45pt; text-indent: -45pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 45pt"><U>Response</U>: The Company acknowledges the Staff&rsquo;s
comment and has revised the disclosure in the Registration Statement on pages 2, 22, 80, 85, 88 and 92.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 45.35pt; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>Prospectus Summary</U></B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>Overview, Page 2</U></B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 45.35pt"><B>3.</B></TD><TD><B>Efficacy determinations are solely within the FDA&rsquo;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 candidate trials met the primary and secondary endpoints. You may present p values with an explanation
of the meaning of these values in the Business section. Please revise your statement &ldquo;TWIN also exhibited favorable efficacy
results compared to its individual active components&rdquo; on page 2 and all other statements indicating that your products are
effective or more effective than other treatments.</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 45.35pt; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 45pt"><U>Response</U>: The Company acknowledges the Staff&rsquo;s
comment and has revised the disclosure in the Registration Statement on pages 2 and 81.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 45.35pt; text-indent: -0.35pt"><B>&nbsp;</B></P>


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

<P STYLE="font: 7pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>August
29, 2017</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 45pt; text-indent: -45pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>Page
3</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><IMG SRC="t1702381_logo2.jpg" ALT=""></B></P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>Prospectus Summary</U></B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>Overview, Page 2</U></B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 45.35pt"><B>4.</B></TD><TD><B>We note your statement on page 2 that you believe &ldquo;TWIN represents a differentiated product when compared with currently
approved topical acne treatments and, if approved, has the potential to become a preferred treatment for acne.&rdquo; 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 TWIN to
currently approved products and all other similar statements contained on page 86 and elsewhere.</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 45.35pt; text-indent: -45.35pt"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 45pt"><U>Response</U>: The Company acknowledges the Staff&rsquo;s
comment and has revised the disclosure in the Registration Statement on pages 2, 81, 82, 89 and 92.</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>Prospectus Summary</U></B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>Overview, Page 3</U></B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 45.35pt"><B>5.</B></TD><TD><B>We note your reference to your generic product candidate agreement you are developing with Douglas Pharmaceuticals. To the
extent that the generic product candidate is material to your operations, please identify the drug and the indication. If is not
material to your operations, please remove the references from the summary. </B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 45.35pt; text-indent: -45.35pt"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 45pt"><U>Response</U>: The Company acknowledges the Staff&rsquo;s
comment and has revised the disclosure in the Registration Statement on pages 3 and 4.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 45.35pt; text-indent: -0.35pt"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If you have any questions regarding the
foregoing responses or the enclosed Registration Statement, please do not hesitate to contact me by telephone at (212) 906-2916.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 7pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 50%; font: 12pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="width: 50%; font: 12pt Times New Roman, Times, Serif">Very truly yours,</td></tr>
<tr style="vertical-align: top">
    <td style="font: 12pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 12pt Times New Roman, Times, Serif">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td style="font: 12pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 12pt Times New Roman, Times, Serif">/s/ Nathan Ajiashvili</td></tr>
<tr style="vertical-align: top">
    <td style="font: 12pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="font: 12pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&nbsp;</font></td></tr>
<tr style="vertical-align: top">
    <td style="font: 12pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 12pt Times New Roman, Times, Serif">Nathan Ajiashvili</td></tr>
<tr style="vertical-align: top">
    <td style="font: 12pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font: 12pt Times New Roman, Times, Serif">of LATHAM &amp; WATKINS LLP</td></tr>
</table>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 24pt">cc:</TD><TD>Alon Seri-Levy, Chief Executive Officer, Sol-Gel Technologies Ltd.</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt">Joshua Kiernan, Latham &amp; Watkins LLP</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt">Gene Kleinhendler, Gross, Kleinhendler, Hodak, Halevy,
Greenberg &amp; Co.</P>

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


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