Pharmos Corporation Announces Receipt of Nasdaq Noncompliance Letter
Iselin NJ, November 13, 2008 -
Pharmos Corporation (Nasdaq: PARS) today announced that it
received notice from The Nasdaq Stock Market ("Nasdaq") on November 11, 2008 that the
Company is not in compliance with Nasdaq Marketplace Rule 4310(c)(3), which requires the
Company to have a minimum of $2,500,000 in stockholders' equity or $35,000,000 market value
of listed securities or $500,000 of net income from continuing operations for the most recently
completed fiscal year or two of the three most recently completed fiscal years. At September 30,
2008, the Company's stoclcholders' equity was $1,315,698, and the market value of its listed
securities was $4,193,646. The Company has had net losses from its continuing operations for
the three most recently completed fiscal years.
As previously disclosed, the Company is also currently not in compliance with Nasdaq
Marketplace Rule 4310(c)(4), which requires that the minimum bid price per share of the
Company's common stock shall be $1.
Under these circumstances, Nasdaq is reviewing the Company's eligibility for continued listing
on the Nasdaq Capital Market. In order to facilitate this review, the Company intends to provide
to Nasdaq, on or before November 26, 2008, the Company's specific plan to achieve and sustain
compliance with all of The Nasdaq Capital Market listing requirements, including the time frame
for completion of the plan.
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 (GUIBS),
paidinflammation, 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 Pharrnos' 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
