Adrenal suppression effects of corticosteroids are among the most important safety concerns for this group of products. This study is designed to determine the adrenal effects of the investigational formulation of 122-0551 and characterize the steady state pharmacokinetics of the formulation.

Inclusion Criteria:

• Subject has a clinical diagnosis of stable plaque psoriasis

Exclusion Criteria:

• Subject has spontaneously improving or rapidly deteriorating plaque psoriasis
• Subject has guttate, pustular, erythrodermic or other non-plaque forms of psoriasis
• Subject has used any phototherapy, photo-chemotherapy or systemic psoriasis therapy within 30 days prior to initiation of treatment
• Subject has used systemic corticosteroids or topical, inhaled, intranasal corticosteroids within 30 days and 14 days, respectively, prior to study screening
• Subject has had prolonged exposure to natural or artificial sources of ultraviolet radiation within 30 days prior to initiation of treatment
• Subject has used topical psoriatic therapy including tar, anthralin, retinoids, vitamin D analogs (e.g., Dovonex®) within 14 days prior to initiation of treatment
• Subject has used emollients/moisturizers on areas to be treated within one day prior to initiation of treatment
• Subject is currently using lithium or Plaquenil (hydroxychloroquine)
• Subject is currently using a beta-blocking medication (e.g., propranolol) or angiotensin converting enzyme (ACE) inhibitors (e.g., lisinopril) at a dose that has not been stabilized
• Subject is pregnant, nursing or planning a pregnancy during the study period
• Subject is currently enrolled in an investigational drug, biologic or device study
• Subject has received an investigational drug, biologic or an investigational device within 30 days prior to study start
• Subject has been previously enrolled in this study and treated with the test article
• Subject has an irregular sleep schedule or works night shifts

The Intent-To-Treat (ITT) population included all participants enrolled in the study who were dispensed and applied test article at least once and had at least one follow-up visit after the Baseline visit (Visit 2). All 25 enrolled subjects were included in the ITT population.

AEs were collected from study screening (performed 20 days or more prior to baseline/first dose) to end of study treatment or participant termination. AEs that continued beyond completion/termination were followed until resolution or stabilization.

The Safety population included all subjects enrolled in the study who were dispensed the test article at least once. Each subject counted once for each AE Term.