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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.

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