Pharmos Corporation to Present at the Rodman & Renshaw Third Annual Global Healthcare Conference

Iselin NJ, May 11, 2006

Pharmos Corporation (Nasdaq: PARS), which recently entered into a definitive agreement to acquire (subject to stockholder approval and other closing conditions) Vela Pharmaceuticals Inc., announced today that it will present at the Rodman & Renshaw Third Annual Healthcare Conference on Monday, May 15, 2006 at 10:05 AM Eastern Time.

Haim Aviv, PH.D., Chairman & CEO, will provide an update on the Company’s business. A webcast of Pharmos’ presentation will be available at and will be archived for a 90-day period after the conference.

About Pharmos Corporation
Pharmos discovers and develops novel therapeutics to treat a range of indications, including neurological and inflammatory disorders. The Company’s core proprietary technology platform focuses on discovery and development of synthetic cannabinoid compounds. Cannabinor, the lead CB2-selective receptor agonist candidate, is scheduled for Phase 2 testing in pain indications during 2006. Other compounds from Pharmos’ proprietary synthetic cannabinoid library are in preclinical studies targeting pain, multiple sclerosis, rheumatoid arthritis, and other disorders.