Ariella, regarding Yediot Achronot PARS article, the text is summarized below. Right now it looks like they want to go this one alone give the size of the market.
The summary was passed along as follows:
I believe that I have located the article to which you refer. It can be summarized as follows:
Headline--"Pharmos Has Been Having Contacts in Order to Add Foreign Entities As Partners in the
Company"
Summary:
1. Pharmos has been having contacts with international entities in order to join them as partners for
the purpose of raising additional capital to finance the continuation of its research and development
in the area of head injuries.
2. Pharmos had already completed stage 2 of medicinal treatment on humans at 6 trauma centers in
Israel. It is now about to begin stage 3, wherein it will carry out the treatment on a much larger
number of patients throughout the world.
3. Stage 3 is expected to last three years. The G-M of the Company, Dr. Haim Aviv, says that the
potential market is one billion dollars per annum. Until now, there has been no drug for head
injuries. The product developed by Pharmos is intended to stop the process by which brain cells die as
a result of trauma to the head.
4. Findings from stage 2 of the experiments have proved a higher likelihood of recovery for patients
treated with the drug.
5. Raviv stated that the estimated cost of stage 3 is 20-25 million dollars. If this stage is
successful, it will be worth a billion dollars.
6. Pharmos is being traded at a market value of 56 million dollars, this after its shares declined by
50% in value over the past year.
7. Until now, Pharmos has raised approximately 60 million dollars. At this stage, it intends to raise
funds from VC's or strategic investors, whereby they will take upon themselves the cost of financing
the R and D in exchange for payment of royalties from future sales.
8. Until now, Pharmos has funded itself through the sale of existing products that have been approved
by the FDA. These products are intended for eye infections and allergies. The company had Q1 sales of
$332,000 with losses of $1,500,000. One of the principal shareholders is Agis, with 4.8% of the shares
on an investment of 14,000,000 NIS.
Ariella et al, hope this helps,
dw
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