Pharmos closes Israeli facility
This article was originally published in Scrip
Executive Summary
Pharmos is to end operations at its facility in Rehovot, Israel, and look for a partner to operate and fund its research programmes currently undertaken in the country. Pharmos will now manage the activities based in Israel from its headquarters in Iselin, New Jersey, but the senior management team of Dr Iris Alroy and Dr Arnon Aharon will remain in Rehovot as consultants for any further business developments and collaborations. Pharmos cut its workforce in Israel from 23 to eight people last November, as part of cost-reduction and restructuring plans after its net loss grew to $4.6 million for the second quarter of last year (ScripOnline, November 2nd, 2007). The company's net loss subsequently decreased in the fourth quarter of last year to $2.7 million but grew again to $3.6 million in the first quarter of this year. The facilities in Israel focus on a CB2 receptor selective library of compounds, including preclinical development of PRS-639,058 for neuropathic pain. The company has also completed a Phase IIa trial of its 3% diclofenac NanoEmulsion cream for the treatment of osteoarthritis pain.
You may also be interested in...
Myotec and Hybrid merge to form PsiOxus
Myotec Therapeutics and Hybrid Biosystems are to merge to form PsiOxus Therapeutics with £3.6 million in funding from a syndicate led by the former's previous backer Imperial Innovations.
Trophos's MitoCare programme receives €6 million EU funding
A Phase II efficacy and safety study of Trophos' cholesterol-oxime compound TRO40303 to treat cardiac ischaemia-reperfusion injury in acute myocardial infarction patients will be substantially underwritten by funds from the European Union, the Marseilles-based company says. Trophos is to head a new 16-partner consortium called MitoCare, a 2.5 year international translational medicine project that has received a €6 million award under the European Union Seventh Framework Programme for research. The project will begin in January 2011.
Novartis and Alcon reach compromise to settle merger saga
Alcon's board of directors has finally approved a merger agreement with Novartis for the Alcon shares the latter does not already own, drawing a close to protracted negotiations that first began nearly a year ago.