1,2-Dihydro Dexamethasone 23-Dimorpholinophosphinate is an intermediate in the synthesis of 1,2-Dihydro Dexamethasone Phosphate (D446985), which is an impurity of Dexamethasone Phosphate (D298835); a pro-drug of Dexamethasone (D298800) which is an anti-inflammatory glucocorticoid. It was found that liposomal DXM-P inhibited both chronic inflammation and joint destruction, whereas free DXM-P failed to prevent joint destruction.