Pharmos to receive grant from Israeli government

Israeli drugmaker Pharmos, a specialist developer of therapeutic agents for diseases of the central nervous system, says it has been awarded a grant of $1.3 million by the office of the chief scientist of Israel's Ministery of Trade. The award has been made to fund the development of drug candidates from the firm's CB2-selective platform of synthetic cannabinoids, designed to treat severe pain.

The group added that half of the funds have been earmarked for domestic R&D projects, while the remainder will fund its international expenditure. The grant is available throughout the fiscal year 2006, and will be paid in relation to the company's ongoing spending.