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Behind Pharmos: The Hebrew University and Prof. Raphael Mechoulam have millions at stake in dexanabinol
Gitit Pincas, "Behind Pharmos. The Hebrew University and Prof. Raphael Mechoulam have millions at stake in dexanabinol." (20 December 2004, Globes Online)
Excerpt: "The dexanabinol saga has all the features for an excellent drama, which is why it has been attracted so much interest. The story extends beyond the confines of the local capital market, and even beyond Israel. The seeds were planted in the 1960s, when the drug was only a cannabis-based research project. Fast-forward three decades to an attempt by Pharmos (Nasdaq:PARS) to commercialize the drug. Mix in the capital market storm surrounding the company, investors dreaming about rosy futures, serpentine surges in the share price, speculators, short sellers, painful plunges in the share, short-term investors, long-term investors, people who merely want to run with the share, and those who believe that it's better to wait for 2007, when the steaming cauldron will approach its boiling point.
For many people, Pharmos is mainly a good capital market story. But over the next 24 hours, a critical moment in the company, it is important to remember that dexanabinol has immense medical and biological significance for patients for whom it might help. It will definitely boost research at Israeli universities and be integrated into research at commercial companies, provided that the results of clinical trial are satisfactory.
At the forefront of Pharmos is its chairman and CEO, Dr. Haim Aviv, who co-founded the company in the 1990s. But the man who worked with cannabis beforehand was Prof. Raphael Mechoulam, 74, and he and his research team may become very rich indeed. Yissum Research Development Company of the Hebrew University owns four of Mechoulam's cannabis-based patents that are the foundation for Pharmos' licenses to develop drugs.
Mechoulam does not own the patents, but he and other researchers are signatories to an agreement with Hebrew University that promises them a share of Yissum's revenue, excluding patent costs and other research expenses. Pharmos auditor Alon Michal says Yissum and Mechoulam will get 5% of all dexanabinol sales in royalties over 15 years from the date of the first sale..." [FullText]
Excerpt: "The dexanabinol saga has all the features for an excellent drama, which is why it has been attracted so much interest. The story extends beyond the confines of the local capital market, and even beyond Israel. The seeds were planted in the 1960s, when the drug was only a cannabis-based research project. Fast-forward three decades to an attempt by Pharmos (Nasdaq:PARS) to commercialize the drug. Mix in the capital market storm surrounding the company, investors dreaming about rosy futures, serpentine surges in the share price, speculators, short sellers, painful plunges in the share, short-term investors, long-term investors, people who merely want to run with the share, and those who believe that it's better to wait for 2007, when the steaming cauldron will approach its boiling point.
For many people, Pharmos is mainly a good capital market story. But over the next 24 hours, a critical moment in the company, it is important to remember that dexanabinol has immense medical and biological significance for patients for whom it might help. It will definitely boost research at Israeli universities and be integrated into research at commercial companies, provided that the results of clinical trial are satisfactory.
At the forefront of Pharmos is its chairman and CEO, Dr. Haim Aviv, who co-founded the company in the 1990s. But the man who worked with cannabis beforehand was Prof. Raphael Mechoulam, 74, and he and his research team may become very rich indeed. Yissum Research Development Company of the Hebrew University owns four of Mechoulam's cannabis-based patents that are the foundation for Pharmos' licenses to develop drugs.
Mechoulam does not own the patents, but he and other researchers are signatories to an agreement with Hebrew University that promises them a share of Yissum's revenue, excluding patent costs and other research expenses. Pharmos auditor Alon Michal says Yissum and Mechoulam will get 5% of all dexanabinol sales in royalties over 15 years from the date of the first sale..." [FullText]
posted by Dr.Koudinov @ 24.12.04
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