Oculon, Pharmos deal

PARS (New York) will acquire the privately held developer of ophthalmics for 5.5-6 million common shares, adding to its own ophthalmics portfolio. Oculon (Cambridge, Mass.) is screening small molecule drugs with anti-cataract potential, and has a preclinical program for a sickle-cell therapy. Oculon's lead product OC-2, a potential inhibitor of cataract formation, failed to show efficacy in its Phase III trial.

Oculon brings $4 million in cash to the deal. PARS had $2.2 million in cash at Dec. 31 and raised $1.3 million in a February private placement. ...