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news.Pharmos has been awarded a grant of up to $1.3 million from the Israeli government to fund the development of drug candidates from the company's CB2-selective platform of synthetic cannabinoids.
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Approximately 50% of the Israel Ministry of Industry and Trade funding is designated for R&D expenditures within Israel and 50% is designated for international expenditures. A portion of the grant will be applied to late-stage preclinical and clinical costs for developing cannabinor, Pharmos’ lead CB2-selective drug candidate for the treatment of pain indications.
The grant will also contribute to the company’s ongoing efforts in developing new drug candidates in its proprietary CB2-selective cannabinoid platform technology and library.
The grant is available through fiscal year 2006 and is paid in direct relationship to actual expenditures made by the company in the designated programs.
In January, Pharmos announced that it had successfully completed a randomized, intravenous, escalating single dose phase I trial for cannabinor. The data indicate that cannabinor was safe and well tolerated with no severe adverse events in the safety trial. The company plans to initiate a phase IIa study during the second quarter of this year in patients experiencing post-operative pain following third molar extraction.