Pharmos gets $1.5M grant for Israeli govt

Pharmos Corp has been awarded a grant of up to $1.5 million by the Office of the Chief Scientist of Israel's Ministry of Industry and Trade. The funds are primarily for the development of drug candidates from the company's CB2-selective synthetic cannabinoid platform. Around half of the total grant is subject to completion of a review of the ongoing cannabinor Phase IIa third molar extraction pain clinical study. In addition, a modest portion of the funding is appropriated for development of Pharmos' proprietary topical NanoEmulsion drug delivery system.

The grants are awarded by the OCS after a scientific review of the programs of companies applying for funding, explained the company. The funding is available through fiscal year 2007 and is paid in accordance with actual expenditures incurred by Pharmos for the designated programs.