Elorac, Inc. is a specialty pharmaceutical company focused on advancing treatments in dermatology. It is based in Vernon Hills, Illinois. According to the company’s website, Elorac specializes in prescription based dermatology products, with a focus on medications used in the treatment of psoriasis, actinic keratosis, acne and other skin disorders. Elorac was founded by Joel E. Bernstein, M.D., the Executive Chairman of Elorac and a leading authority in dermatology. He is a successful entrepreneur with a long track record of developing and commercializing novel medicines, having founded or co-founded several companies, which have sold for more than an estimated $1 billion in the aggregate. Before starting Elorac, Dr. Bernstein was the founder, Chairman, and Chief Executive Officer of GenDerm Corporation, a pharmaceutical company that was acquired by Medicis Pharmaceutical Corporation in 1997 for an estimated $80 million. He was also the founder and non-executive chairman of Sirius Laboratories, Inc., a dermatological products company acquired by DUSA Pharmaceuticals in 2006 for an estimated $30 million. Dr. Bernstein also co-founded Ovation Pharmaceuticals in 2000, which was sold to Lundbeck in 2009 for an estimated $900 million, and founded Winston Pharmaceuticals, a public company involved in the research of novel pain relief drugs. Previously, Dr. Bernstein was head of dermatopharmacology at Northwestern University Medical School and the University of Chicago Pritzker School of Medicine. Dr. Bernstein has also held senior scientific positions at Abbott Laboratories and Schering-Plough Corporation. He has authored more than 125 scientific publications and holds over 150 patents. Dr. Bernstein received a B.A. from Carleton College and an M.D. from the University of Chicago Pritzker School of Medicine, where he received the Roche Award for ranking first in his class. He completed specialty-training programs in both dermatology and clinical pharmacology at the University of Chicago. The company’s website states that it currently markets products for psoriasis, wart and dermatitis and that it expects to introduce products for acne, fungal diseases, actinic keratosis and management of diabetic skin over the forthcoming year. According to the website, the company focuses on the development of innovative, late-stage dermatological products that require relatively small R&D expenditures, as well as the selective acquisition and licensing of late-stage product candidates and technologies.