Pharmos (Nasdaq: PARS) today announced it has been awarded a grant of $1.3 million by the Office of the Chief Scientist (OCS) of Israel's Ministry of Industry and Trade.
The funds were granted for the development of drug candidates from the company's CB2-selective platform of synthetic cannabinoids. Approximately 70% of the funding is designated for research and development expenditures within Israel and 30% is designated for international expenditures.
A portion of the grant will be applied to late-stage preclinical and clinical costs for developing cannabinor, the company's lead CB2-selective drug candidate for the treatment of pain indications.
The grant will also contribute to the company's ongoing efforts in developing new drug candidates in its proprietary CB2-selective cannabinoid platform technology and library. The grant is available through fiscal year 2005 and is paid in direct relationship to actual expenditures made by the company in the designated programs.
"As we move toward the initiation of clinical trials of cannabinor for pain later this year, it is gratifying to receive support from the Chief Scientist," said Pharmos chairman and CEO Haim Aviv. "We appreciate the continuing support from the OCS and are committed to work toward justifying the confidence the Chief Scientist has in Pharmos' capabilities."
The CB2-selective synthetic cannabinoid platform technology constitutes a library of synthetic compounds that bind primarily to the CB2 cannabinoid receptor in peripheral cells and residually to the CB1 receptor that is expressed mainly in the brain. Consequently, many molecules on this platform display anti-inflammatory and immune-modulation properties and are potentially safe and efficacious in treating central nervous system and systemic diseases and disorders including pain, inflammation, autoimmune disorders, and psychiatric conditions.
The cannabinor development plan is aimed at treating moderate to severe pain such as neuropathic, post-surgical, lower back, cancer, and other types of pain. Many patients with these conditions must rely on opiates to gain even moderate relief, but opioid compounds have substantial unwanted side effects. Safe and effective new drugs that address such unmet medical needs will enjoy a significant portion of the multi-billion dollar pain market.
Cannabinor is planned to begin Phase I human testing in the second half of 2005 and, pending successful completion of Phase I, progress to Phase II feasibility testing in neuropathic and post-operative pain. Other CB2-selective compounds have shown positive results in animal models of multiple sclerosis, rheumatoid arthritis, inflammatory bowel disease, anxiety, and other diseases.
An update of the company's drug development programs will be presented by Prof. Aviv at the Rodman & Renshaw Techvest 2nd Annual Global Healthcare Conference on May 4, 2005 in Paris, France.
Published by Globes [online], Israel business news - www.globes.co.il - on Tuesday, May 03, 2005