PHARMOS GETS DEVELOPMENT GRANT FROM ISRAEL GOVERNMENT

Israeli-based drug developer Pharmos has been awarded a grant of $1.3 million from the Israeli Office of the Chief Scientist (OCS) to fund the development of drug candidates from the company's CB2-selective platform of synthetic cannabinoids.

A portion of the grant, added the company, will be applied to late-stage preclinical and clinical costs for developing cannabinor, which is primarily indicated for pain management.

"As we look forward to the initiation of Phase II trials, we appreciate the continuing support from the OCS," said Haim Aviv chairman and CEO of Pharmos. "We are committed to work toward justifying the confidence the Chief Scientist has in Pharmos' capabilities."