After a rough year, Pharmos Corporation announced in October of 2007 that it would be laying off half of the staff at its Israeli subsidiary. On Friday, the company announced that as of October 31, 2008 all operations in Rehovot, Isreal will cease. Pharmos plans to manage operations currently underway in Rehovot from its U.S. headquarters in New Jersey.
The research programs in Israel are the CB2 receptor selective library of compounds. Pharmos has also almost completed a Phase IIa trial with its proprietary 3 percent diclofenac NanoEmulsion cream for the treatment of osteoarthritis pain.
The company indicated that it is working with a boutqiue life science investment bank to facilitate the search for a partner to oversee and fund its research programs in Israel.
- check out Pharmos’ release