Pharmos Corporation Receives $1.5 Million Grant
Summary
Because they range from having little (CB2-selective) to barely detectable (CB2-specific) affinity for the central nervous system-located CB1 receptor, the CB2-selective and CB2- specific agonists lack unwanted psychotropic side effects typical of many natural cannabinoids. The Company will be required to pay royalties to the OCS ranging from 3% to 5% of product sales, if any, that result from the research and development activities conducted with such funds up to the total amount of the grants and interest. By sharing the risks inherent in high-tech research and development projects, the Israeli government hopes to facilitate expansion of its growing technological infrastructure, a main component of the countrys economy. Statements made in this press release related to the business outlook and future financial performance of Pharmos, to the prospective market penetration of its drug products, to the development and commercialization of its pipeline products and to its expectations in connection with any future event, condition, performance or other matter, are forward-looking and are made pursuant to the safe harbor provisions of the Securities Litigation Reform Act of 1995. Additional economic, competitive, governmental, technological, marketing and other factors identified in Pharmos filings with the Securities and Exchange Commission could affect such results.