Pharmos Corporation Announces Receipt of Nasdaq Delisting Determination
Iselin NJ, September 26, 2008 -
Pharmos Corporation (Nasdaq: PARS) today announced that it
received a Nasdaq Staff Determination on September 23, 2008 indicating that Pharmos fails to
comply with the minimum bid price requirement for continued listing set forth in Marketplace
Rule 4310(c)(4), and that the Staff has therefore determined to delist Pharmos' securities from
The Nasdaq Capital Market. Pharmos has requested a hearing before a Nasdaq Listing
Qualifications Panel to appeal the Staff Determination. There can be no assurance the Panel will
grant Pharmos' request for continued listing.
About Pharmos Corporation
Pharmos discovers and develops novel therapeutics to treat a range of indications including
specific diseases of the nervous system such as disorders of the brain-gut axis (GIABS),
painlinflammation, and autoimmune disorders. The Company's lead product in development,
dextofisopam, is undergoing Phase 2b testing in IBS patients. Dextofisopam has completed a Phase
2a IBS study in which it demonstrated a statistically significant effect compared to placebo on the
primary efficacy endpoint of adequate relief (n=141, p=0.033). The Company also has a
proprietary technology platform focusing on discovery and development of synthetic cannabinoid
compounds with a focus on CB2 receptor selective agonists. Various CB2-selective compounds
from Pharmos' pipeline have completed preclinical studies targeting pain, multiple sclerosis,
rheumatoid arthritis, inflammatory bowel disease and other disorders. Pharmos is also working to
commercialize its proprietary NanoEmulsion drug delivery system, which is in clinical-stage
development for topical application of analgesic and anti-inflammatory agents.
Safe Harbor Statement
Statements made in this press release related to the business outlook and future financial
performance of Pharmos, to the prospective market penetration of its drug products, to the
development and commercialization of its pipeline products and to its expectations in connection
with any future event, condition, performance or other matter, are forward-looking and are made
pursuant to the safe harbor provisions of the Securities Litigation Reform Act of 1995. Such
statements involve risks and uncertainties that may cause results to differ materially from those
set forth in these statements. Additional economic, competitive, governmental, technological,
marketing and other factors identified in Pharmos' filings with the Securities and Exchange
Commission could affect such results.
Contacts
Pharmos U.S.
S. Colin Neill, CFO
(732)452-9556
back
to News Room
