Dr. Lital Magid, a researcher for Prof. Rafael Mechoulam of the Hebrew University of Jerusalem, has won the Kaye Prize for Innovation for a cannabinoid receptor - the same active ingredient as in cannabis - for the treatment of head trauma.
This is exactly the same receptor that underpinned the technology of Pharmos Inc., which was based on Prof. Mechoulam's laboratory. On the basis of its cannabinoid-based drug for the treatment of head trauma, Pharmos held an IPO on Nasdaq in 2004, and reached a market cap of hundreds of millions of dollars, driven by media hype, as development of the drug progressed. But the share price collapsed, along with the company, following the failure of the Phase III clinical trial on 800 patients. It now only a legal entity that owns some patents, but is inactive in drug development.
Prof. Mechoulam, a winner of the Israel Prize for chemistry for his research on cannabinoid agents for a range of medical purposes, fully supported his product both before and after the Pharmos debacle, claiming that the clinical trial failed because it was faulty.
Dr. Magid's new product is also for treating traumatic head injury, but is based on a different technology from Pharmos's, and targets a different cannabinoid receptor.
A major pharmaceutical company, whose name has not been disclosed, and undeterred by the Pharmos fiasco, has signed a joint development agreement for the product with Yissum Technology Transfer Company of the Hebrew University. The product is apparently still in the early development stage, but far enough advanced to grab the drug company's attention.
Published by Globes [online], Israel business news - www.globes-online.com - on June 13, 2012
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