Pharmos restructures local operations

This restructuring phase also calls for the Company to assess other means of financing these programs, such as the possibility of finding new investors to finance Pharmos Ltd. as an independent entity, it said.

Pharmos Corp. said Monday it will cut the work force at its Israeli subsidiary Pharmos Ltd. to eight from 23 as it undertakes the second phase of a restructuring to optimize the balance between cash resources and its most promising scientific research and development programs. The Company said it does not expect to incur a material charge against operations to result from the move. The Israeli subsidiary will continue efforts to expand and exploit the potential of the Company's CB2 receptor-selective library of compounds and work to complete the Phase 2a clinical trial of Pharmos' proprietary NanoEmulsion topical cream drug delivery system formulated with the NSAID diclofenac for osteoarthritis pain. This restructuring phase also calls for the Company to assess other means of financing these programs, such as the possibility of finding new investors to finance Pharmos Ltd. as an independent entity, it said.