Pharmos Corporation to Present at the Bio-Tech Israel 2005 Conference

Iselin, NJ and Rehovot, Israel, May 23, 2005 – Pharmos Corporation (Nasdaq: PARS) announced today Seth Kindler, M.D., Medical Director of Pharmos, will present at the Bio-Tech Israel 2005 Conference in Tel Aviv at the David Intercontinental Hotel at 4:45 p.m. Eastern European Daylight Time on Tuesday, May 24, 2005. The presentation will outline the Company’s research and development focus utilizing its rich library of proprietary synthetic cannabinoids as novel therapeutics to treat central nervous system (CNS) and systemic disorders including pain, inflammation and autoimmune diseases.

In his presentation Dr. Kindler will highlight the work underway at Pharmos in developing products from the Company’s CB2-selective receptor agonist families that have potential application in large markets with unmet medical needs. Of particular focus is the development plan for cannabinor, the leading CB2-selective candidate, aimed at treating moderate to severe pain such as neuropathic, post-surgical and other types of pain. Cannabinor is planned to begin Phase I human testing in the second half of 2005. Dr. Kindler will also provide an overview of several other novel cannabinoid scaffolds in the discovery stage.

The conference objective, according to its organizers, is to address unmet needs in a more comprehensive manner by merging different approaches and technologies to improve the Human condition. The conference will focus on four disease areas: cancer, respiratory disorders, CNS and metabolic disorders. Last year’s Bio-Tech Israel drew 4,500 visitors. More information on the event is available online at .

Pharmos discovers and develops novel therapeutics to treat central nervous system and systemic disorders including pain and diseases based on inflammatory and immuno-modulatory dysfunction. The Company has a proprietary synthetic cannabinoid platform technology with a library that includes families of CB2-selective receptor agonist compounds and dextrocannabinoid compounds that operate through pathways other than cannabinoid signaling. CB2-selective cannabinoids are in pre-clinical studies targeting pain, multiple sclerosis, rheumatoid arthritis and other disorders. Clinical development in pain indications is expected to commence during 2005. From the dextrocannabinoid family, dexanabinol has demonstrated potential value in a Phase IIa trial as a preventive agent against post-surgical cognitive impairment.

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.