Pharmos Corporation Announces
Pricing of Public Offering
Iselin
NJ, December 16, 2003 – Pharmos Corporation
(Nasdaq: PARS) announced today the pricing of its previously
announced public offering. Pharmos will be offering 10,500,000
common shares, at a price of $2.75 per share through a
firm commitment underwriting. The net proceeds of this
offering to Pharmos are expected to be approximately $27
million. In addition, Pharmos has granted the underwriters
a 30-day option to purchase up to an additional 1,575,000
shares to cover over-allotments. The offering is expected
to close on Friday, December 19, 2003. C.E. Unterberg,
Towbin and Harris Nesbitt Gerard are acting as underwriters
for the offering.
The offering
is being made from a shelf registration statement filed
by Pharmos on November 18, 2003, as amended, that was
declared effective by the Securities and Exchange Commission
on December 2, 2003. A final prospectus supplement will
be filed by the Company relating to this offering.
This press
release does not constitute an offer to sell or the solicitation
of an offer to buy these securities, nor shall there be
any sale of these securities in any state or foreign jurisdiction
in which such offer, solicitation or sale is unlawful.
The offering of common stock may be made only be means
of a prospectus, a copy of which is available from C.E.
Unterberg, Towbin, 350 Madison Avenue, New York, New York
10017 or Harris Nesbitt Gerard, 360 Madison Avenue, New
York, New York 10017.
Pharmos
Corporation is a bio-pharmaceutical company that discovers
and develops new drugs to treat a range of neuro-inflammatory
disorders. Pharmos has a portfolio of drug candidates
under development, as well as discovery, preclinical and
clinical capabilities. Pharmos’ executive offices
and clinical and regulatory group are located in Iselin,
New Jersey, and it conducts research and development through
its wholly-owned subsidiary, Pharmos Ltd., in Rehovot,
Israel.
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.
Contacts:
Gale T. Smith – U.S.
732.452.9556
Gale.Smith@pharmos-us.com
Irit Kopelov – Israel
08-940-9679
iritk@pharmos.com
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