Disclosed are novel oxadiazole compounds of formula I and their pharmaceutically acceptable salts, solvates, hydrates, enantiomers or stereoisomers thereof, wherein the substituents are as described within the specification. Examples of compounds of formula I include: 3-(3-Chloro-4-cyclopropylmethoxy-phenyl)-5-o-tolyl-[1,2,4]oxadiazole and (S)-5-[3-(3-Chloro-4-isopropoxy-phenyl)-[1,2,4]oxadiazol-5-yl]-pyrrolidin-2-one. Further disclosed is a pharmaceutical composition comprising a compound of formula I, and the use of a compound of formula I in the manufacture of a medicament for treating a disorder selected from the group consisting of a central nervous system disorder, multiple sclerosis, and an immune disorder such as rheumatoid arthritis, active chronic hepatitis, Addisons Disease, Crohns Disease, Graves Disease, pernicious anemia, primary biliary cirrhosis, and ulcerative colitis.
