Pharmos Corporation Completes
$27 Million Equity Offering
Iselin NJ, December
19, 2003 – Pharmos Corporation (Nasdaq:
PARS) announced today the closing of its previously announced
public offering. Pharmos sold 10,500,000 common shares
at a price of $2.75 per share. The stock was offered in
a firm commitment underwriting pursuant to an existing
shelf registration statement. C.E. Unterberg, Towbin and
Harris Nesbitt Gerard acted as underwriters for the offering.
The net proceeds of this
offering to Pharmos were approximately $27 million. Pharmos
intends to use such net proceeds for general corporate
purposes, research and product development activities
(potentially including the acquisition of new technologies),
conducting preclinical studies and clinical trials, and
for the equipping of facilities.
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 by 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
back
to News Room
