Pharmos to Present at the BIO 2005 Business Forum

Iselin NJ, June 16, 2005 – Pharmos Corporation (Nasdaq: PARSD) today announced that it will present at the BIO 2005 Business Forum on Wednesday, June 22, 2004 at 11:30 am Eastern Time at the Pennsylvania Convention Center in Philadelphia, Pennsylvania. Gad Riesenfeld, Ph.D., President and Chief Operating Officer, will provide an update on the Company’s business and product pipeline.

According to the Biotechnology Industry Organization (BIO), this year’s Annual International Convention will be the world’s largest biotechnology gathering, with an anticipated 18,000 attendees and over 1,500 exhibiting companies and organizations. Each year the BIO Business Forum provides an arena for pharmaceutical companies, biotechnology companies, academic research institutes and investors to meet and explore mutually beneficial opportunities.

Pharmos discovers and develops novel therapeutics to treat a range of indications, in particular 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 to begin Phase I safety studies in the second half of 2005 and, if successful, enter Phase II testing in pain indications around yearend or early 2006. From the dextrocannabinoid family, the neuroprotective drug candidate dexanabinol recently completed a Phase IIa trial as a preventive agent against post-surgical cognitive impairment. Other compounds from Pharmos’ proprietary synthetic cannabinoid library are in pre-clinical studies targeting pain, multiple sclerosis, rheumatoid arthritis and 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.

Pharmos U.S.:
Gale Smith
(732) 452-9556

Pharmos Israel:
Irit Kopelov

The Ruth Group, Inc.
John Quirk (investors)
(646) 536-7029

Janine McCargo (media)
(646) 536 7033