Pharmos Corporation announces that it will cease operations in Israel
Iselin NJ, August 29, 2008 -
Pharmos Corporation (Nasdaq: PARS) today announced that effective
October 3 1, 2008 it will cease operations in Rehovot, Israel, and manage those activities currently based
in Rehovot out of the Company's US headquarters in Iselin, New Jersey.
The research programs in Israel are the CB2 receptor selective library of compounds, including
preclinical development of PRS-639,058 for neuropathic pain. Additionally the Company has almost
completed a Phase 2a trial with its proprietary 3% diclofenac NanoEmulsion cream for use as a topical
treatment for osteoarthritis pain.
The Company's strategy is to seek a partner who will take the lead in both operating and funding the
research programs in Israel. To facilitate these efforts, the Company engaged and has been working with
a boutique life science investment bank. Interested parties can contact Ashish Sanghrajka at BIO-IB at
212-332-4388 or Colin Neill, President & CFO, Pharmos Corporation at 732-452-9556.
Additionally, the Rehovot senior management team of Iris Alroy, Ph.D and Arnon Aharon MD will
remain available to support ongoing business development and existing collaborations as consultants.
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 (GIIIBS), 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 fonvard-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, govelllmental, technological, marketing and other factors identified in
Pharmos' filings with the Securities and Exchange Comnlission could affect such results.
Contacts
Pharmos U.S.
S. Colin Neill, CFO
(732)452-9556
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