Pharmos Corp., a Woodbridge, N.J., developer of drugs that offer marijuana-like analgesic relief, has averted a painful proxy battle and litigation that could have unseated its CEO and founder. After having met some demands from its largest single shareholder, Pharmos is going ahead with a $29.7 million acquisition of Vela Pharmaceuticals Inc. The resolution could be a lifeline for Pharmos, which has an accumulated deficit of $145.9 million and posted a net loss of $2.9 million last year.
September 19, 2006 at 12:00 AM
1 minute read
The original version of this story was published on Law.Com
Pharmos Corp., a Woodbridge, N.J., developer of drugs that offer marijuana-like analgesic relief, has averted a painful proxy battle and litigation that could have unseated its CEO and founder.
After having met some demands from its largest single shareholder, Lloyd Miller III, and giving him a seat on the board, Pharmos is going ahead with a $29.7 million acquisition of privately held Vela Pharmaceuticals Inc. of Ewing, N.J.
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