Pharmos
Corporation Extends Maturity of Convertible Debentures
Iselin,
NJ, January 3, 2002 – Pharmos Corporation (Nasdaq:
PARS and Nasdaq Europe: PHRM) today announced that, effective
December 31, 2001, the holders of $6.18 million principal
amount of the Company’s convertible debentures agreed
to extend the maturity date from February 28, 2002 to
June 30, 2003.
In
consideration for this extension, the Company lowered
the $3.83 conversion price to $2.15 on one-half of the
extended debentures and to $2.63 for the balance. The
total principal amount of debentures currently outstanding
is $8.24 million. This adjustment more accurately reflects
current market conditions than the original conversion
price derived when the debentures were first issued in
September 2000.
Pharmos Corporation discovers, develops and commercializes
novel therapeutics to treat a range of neurological disorders
associated with inflammatory processes, such as traumatic
brain injury, stroke, neuropathic pain, Parkinson’s
disease and other CNS and peripheral neuro-inflammatory
indications.
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