In October 2001, Pharmos sold its loteprednol etabonate ophthalmic business to Bausch & Lomb. The products
sold turned out to be the "best sellers" in the ophthalmic field.
Pharmos' Dexanabinol, its Central Nervous System (CNS) drug candidate, is currently undergoing testing at 36
medical centers in Israel and Europe. An FDA submission to obtain authorization to enroll patients in the US is
expected to be received shortly. Total enrollment of 860 patients worldwide for the trial, should be completed by
early 2003. Marketing however, is not expected to begin before 2004 or 2005.
Biotechnology companies represent one of the riskier forms of investments. They also bring the promise of great
rewards, as they have the capacity to improve quality of life and longevity.
Should the clinical trials prove to be successful, Pharmos could become the only "company, since Pfizer has
bowed out of the field, with a blockbuster drug" for a CNS indication.
Pharmos is nearest of any biotech company in Israel, and for that matter in the world, to produce the first ever
drug, that promises to provide relief for stroke and head injuries.
More than $100m. has been spent towards that goal. During a recent meeting with the Israel High-Tech &
Investment Report, Prof. Haim Aviv, Pharmos' founder and its CEO, sounded upbeat. After many years of
strenuous efforts to find financing, for the first time since founding Pharmos. He has accumulated sufficient cash
reserves to concentrate on science alone. The money came primarily through sales of established product lines.