Company: Pharmos [1]
Starting stock price: $1.85
Ending stock price: $0.34
Percent Change: -81.62%
Details: In January of 2007 Pharmos announced that it's Phase II trial of cannabinor, an intravenous therapy for pain, failed to hit its primary endpoint. A separate test for relieving pain associated with molar dental extractions is still ongoing. The company announced that it cut its workforce in Israel by 15--down to 8--in an effort to restructures and conserve cash. Pharmos is also it's considering bringing in new investors to finance the subsidiary as an independent operation.
More News:
Pharmos cuts staff at Israeli subsidiary. Report [2]
Pharmos pain drug fails in Phase II. Report [3]
Links:
[1] http://www.pharmoscorp.com/about/index.html
[2] http://www.fiercebiotech.com/story/pharmos-cuts-staff-israeli-subsidiary/2007-10-30
[3] http://www.fiercebiotech.com/story/pharmos-pain-drug-fails-in-phase-ii/2007-01-19
[4] http://www.fiercepharma.com/special-reports/hana-biosciences-worst-pharma-stocks-2007
[5] http://www.fiercepharma.com/special-reports/worst-pharma-stocks-2007
[6] http://www.fiercepharma.com/special-reports/cytogen-worst-pharma-stocks-2007