Pharmos raises $1.8 million in private placement

Wed. April 22, 2009; Posted: 09:09 AM

Apr 22, 2009 (Datamonitor via COMTEX) -- PARS | Quote | Chart | News | PowerRating -- Pharmos Corporation, which discovers and develops therapeutics to treat diseases of the nervous system and autoimmune disorders, has issued 18 million shares of common stock and warrants exercisable for an additional 18 million shares of common stock for an aggregate purchase price of $1.8 million in a private placement. The exercise price of the warrants, which have a five-year term, is $0.12 per share.

The three purchasers were two existing investors in the company, Venrock Associates (which is affiliated with Anthony Evnin, a director of the company) and New Enterprise Associates (which is affiliated with Charles Newhall, III, a director of the company), and a trust affiliated with Robert Johnston, the company's executive chairman of the board of directors.

The proceeds from the private placement will be used to fund completion of the ongoing Dextofisopam Phase IIb trial and company operations through 2009. If the trial is successful, this financing would also support additional efforts to negotiate a strategic partnership or license arrangement with a pharmaceutical company.

This is consistent with Pharmos's strategy as previously communicated, since the company does not have the resources to continue to develop Dextofisopam through a Phase III trial, the company said.

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