ISELIN, N.J., Dec. 18 /PRNewswire-FirstCall/ -- Pharmos Corporation (Nasdaq: PARS) announced today that President & COO Alan Rubino has elected to resign from the Company.
Mr. Rubino joined Pharmos in November 2005 and was instrumental in the strategic acquisition and the subsequent integration of Vela Pharmaceuticals completed in October 2006. Following the Vela acquisition, Mr. Rubino has been focused on key business development priorities and the Company's Phase 2b clinical trial for its leading IBS drug candidate, dextofisopam.
Over recent months, Pharmos has announced a series of restructurings of its operations in Israel in order to manage and allocate cash resources to the most promising near-term pipeline candidates. The dextofisopam drug candidate is currently in a large scale Phase 2b clinical program that will involve 480 patients at 50 U.S. sites. With the earlier restructurings of the Israel operations, the Company's need for the current executive management structure has also been evaluated.
Mr. Rubino's experience and competencies are broader than the restructured Pharmos requires and he has elected to pursue new leadership opportunities that more closely align with his general management skill set and career interests.
The Company and the Board of Directors are grateful for the important contributions made by Mr. Rubino during the past two years and appreciates his availability going forward to consult on business development activities and the dextofisopam clinical trial.
About Pharmos Corporation
Pharmos Corporation is a biopharmaceutical company that discovers and
develops novel therapeutics to treat a range of diseases of the nervous
system, including disorders of the brain-gut
|SOURCE Pharmos Corporation|
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