Pharmos signs agreement with Reperio Pharmaceuticals

According to the company, these CB2-selective cannabinoids are synthetic compounds which belong to the class of nonclassical cannabinoids and thus display fewer of the undesired psychotropic and cardiovascular side-effects seen with some natural cannabinoids.

Pharmos had developed these compounds in preclinical testing for neuropathic pain. The particular patents and know how subject to this agreement share some of the pharmacological properties with cannabinoids and have a common wide range of beneficial therapeutic indications. In particular, the compounds sold are useful as analgesic, neuroprotective, immunomodulatory and anti-inflammatory agents, the company said.

The two companies have executed an asset purchase agreement, which is targeted to close on or before June 6, 2009. As well as customary closing conditions, Reperio must reach consent with the office of the chief scientist to clearly define the assumption of potential liabilities for grant payments that were made to Pharmos during the development of the CB2 program.

Approximately two of the company’s former scientists will join Reperio and the arrangement allows for further development of these CB2 assets. As part of the agreement Pharmos will be granted an equity ownership in Reperio and will be entitled to license and royalty fees commensurate with the preclinical development stage of the assets.