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news.Pharmos Corporation said that it has agreed to settle several class action lawsuits in the US brought because of statements allegedly made by Pharmos regarding the efficacy of dexanabinol in treating traumatic brain injury.
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The settlement, which is covered in its entirety by Pharmos’ insurance, has been reached with no admission of liability by any party, the New Jersey-based company said. Pharmos entered into the settlement “to avoid costly and time consuming litigation by all parties,” according to the company.
The lawsuits commenced in January 2005 and are currently pending in the US District Court for the District of New Jersey. The settlement is subject to court approval, Pharmos added.