Pharmos said that it does not expect a material charge against operations to result from this undertaking.
The Israeli subsidiary will continue efforts to expand and exploit the potential of the company’s CB2 receptor-selective library of compounds, including preclinical development of PRS-639,058 for neuropathic pain. It will also work to complete the Phase IIa clinical trial of Pharmos’ proprietary NanoEmulsion topical cream drug delivery system formulated with the NSAID diclofenac for osteoarthritis pain.
This restructuring phase also calls for the company to assess other means of financing these programs, such as the possibility of finding new investors to finance Pharmos Limited as an independent entity. Dr Haim Aviv, the founder of Pharmos, will lead these efforts on behalf of the company’s board of directors. Other than leading this effort, Dr Aviv has no management role in Pharmos.