Pharmos is cutting its workforce in Israel by 15--down to 8--as it restructures to conserve cash. And it's considering bringing in new investors to finance the subsidiary as an independent operation. Pharmos announced that the Israeli subsidiary will continue efforts to expand and exploit its 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. The Phase IIa NE/diclofenac study is currently underway at several Israeli hospitals, with data anticipated in mid-2008.
- check out the release on the restructuring