Pharmos
to Delist from Nasdaq Europe Effective November 6, 2003
ISELIN, N.J., Oct. 22
-- Pharmos Corporation (Nasdaq: PARS and NASDAQ Europe:
PHRM) announced today that NASDAQ Europe has approved
its request to delist its shares of common stock from
the NASDAQ Europe market, effective November 6, 2003.
The request to delist was prompted by the decision by
NASDAQ Europe shareholders at an extraordinary shareholders'
meeting on June 26, 2003 to close the markets operated
by NASDAQ Europe.
Pharmos will maintain its listing on the US-based NASDAQ
SmallCap exchange under the trading symbol "PARS."
Given the light trading volume of its shares on the NASDAQ
Europe exchange, the Company does not anticipate any significant
adverse effect of the delisting on shareholders. After
November 6, 2003, any shareholder wishing to trade public
shares of Pharmos will be able to so through the US-based
NASDAQ exchange. Shareholders wishing to obtain information
on Pharmos post-delisting will be able to do so through
its filings with the US-based Securities and Exchange
Commission (http://www.sec.gov/edgar/searchedgar/webusers.htm)
and through other shareholder information distribution
channels, such as webcasts of conference presentations
and information contained on the Company's website (www.pharmoscorp.com).
Pharmos discovers, develops, and commercializes
novel therapeutics to treat a range of indications, in
particular neurological and inflammation-based disorders.
The Company's first neuroprotective product is dexanabinol,
a tricyclic dextrocannabinoid, currently undergoing clinical
testing as a treatment for traumatic brain injury and
as a preventive agent against post-surgical cognitive
impairment. Other dextrocannabinoid compounds and CB2
receptor agonist compounds from Pharmos' proprietary synthetic
cannabinoid library are being studied in pre-clinical
programs targeting a variety of other disorders.
Statements made in this press release
related to the business outlook and future financial performance
of the Company, to the prospective market penetration
of its drug products, to the development and commercialization
of the Company's pipeline products and to the Company's
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 which 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.
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