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Pharmos acquired drug developer company Vela Pharmaceuticals October 26, 2006

Posted by israelhealthcare in Drug Discovery.

Pharmos has entered into a definitive agreement to acquire Vela Pharmaceuticals, a privately owned company specializing in the development of medicines related to diseases of the nervous system, for about $19.2 million in cash and stocks.

This acquisition is a strategic and significant step forward in broadening our pipeline with later stage products targeting important unmet needs,” said Haim Aviv, Ph.D., Chairman and CEO of Pharmos. “In particular, dextofisopam for IBS, the leading Phase 2 clinical asset acquired, combined with cannabinor, our phase 2a CB2-selective compound, provide our pipeline with the critical mass necessary to grow shareholder value.”

Dextofisopam, the leading asset acquired by Pharmos in the transaction, is a promising and innovative new drug with positive Phase 2a data for the treatment of diarrhea-predominant and alternating-type irritable bowel syndrome (IBS). IBS is a chronic, recurring condition with symptoms that affect roughly 10% of American adults and is two to three times more prevalent in women than in men.

At the closing of its acquisition of Vela, Pharmos issued 6.5 million shares to Vela shareholders and paid $6.2 million in cash. Additional shares and cash are to be issued to Vela’s existing shareholders in connection with the completion of stipulated milestones for development of dextofisopam.

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