Pharmos Corporation Announces That it Will Cease Operations in Israel

• Author: Health Informer
• Filed under: Health News
• Date: Sep 1,2008

Pharmos Corporation today announced that effective October 31, 2008 it will cease operations in Rehovot, Israel, and manage those activities currently based in Rehovot out of the Company’s US headquarters in Iselin, New Jersey.

The research programs in Israel are the CB2 receptor selective library of compounds, including preclinical development of PRS-639,058 for neuropathic pain. Additionally the Company has almost completed a Phase 2a trial with its proprietary 3% diclofenac NanoEmulsion cream for use as a topical treatment for osteoarthritis pain.

The Company’s strategy is to seek a partner who will take the lead in both operating and funding the research programs in Israel. To facilitate these efforts, the Company engaged and has been working with a boutique life science investment bank. Interested parties can contact Ashish Sanghrajka at BIO-IB at 212-332-4388 or Colin Neill, President & CFO, Pharmos Corporation at 732-452- 9556.

Additionally, the Rehovot senior management team of Iris Alroy, PhD and Arnon Aharon MD will remain available to support ongoing business development and existing collaborations as consultants.

Source: Pharmos Corporation

Summer Street Acquires Willcare, a Regional Leader in Home Health Care

• Author: Health Informer
• Filed under: Health News
• Date: Sep 1,2008

Private equity firm and company executives to build on Willcare’s reputation for quality in new markets and with new service offerings

Private equity fund manager Summer Street Capital Partners LLC has acquired Willcare, a leading regional home health care company with more than 1,500 employees providing skilled nursing, therapeutic, paraprofessional and case management services to about 4,500 patients in Upstate New York, the Hudson Valley region of New York, and Northeast Ohio.

Terms of the transaction were not disclosed, though Summer Street uses its aggregate $300 million under management to make equity investments that typically range from $5 million to $30 million in companies with annual revenues of $20 million to $100 million. Both Summer Street and Willcare are based in Buffalo.

“Willcare is a well-established and successful regional home health care leader, and Summer Street is pleased to provide capital and expertise that will enable the company to build on its reputation for high-quality patient care in new geographic markets and with new services,” Summer Street Partner Andrew L. Fors said. “Willcare’s employees and executives are doing outstanding work, and we look forward to helping them expand their regional leadership in home health care.”

Consistent with Summer Street’s strategy of investing alongside strong and experienced management teams, Willcare Chief Executive Officer Todd Brason and Chief Financial Officer David Brason will retain their leadership positions and remain shareholders of the company.

“We believe our emphasis on case management, customer service and an employee-focused culture is what sets us apart at Willcare and allows us to assure complete coordination of the at-home needs of our patients, their families and their caregivers,” CEO Todd Brason explained. “With Summer Street’s support, we believe we can achieve the scale necessary to take full advantage of the demographic and regulatory trends that make home health care an essential player in the national movement to improve patient outcomes while controlling costs in an aging population.”

Summer Street has invested previously in health care- including portfolio companies Palladian Muscular Skeletal Health and Reichert Ophthalmic Instruments – and other highly regulated industries.

Source: Summer Street Capital Partners LLC