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Pharmos Corporation Announces Board and Management Changes
Date:1/3/2008

Robert F. Johnston Named Executive Chairman of the Board

S. Colin Neill Named President

ISELIN, N.J., Jan. 3 /PRNewswire-FirstCall/ -- Pharmos Corporation (Nasdaq: PARS) announced today certain changes in its Board of Directors and Management, effective immediately.

Board Changes

Robert F. Johnston has been elected to the Board as Executive Chairman.

Haim Aviv, Ph.D., David Schlachet and Mony Ben Dor have retired from the Board.

The Pharmos Board now consists of seven directors -- Robert F. Johnston, Chairman, Anthony B. Evnin (Venrock), Charles W. Newhall, III (New Enterprise Associates), Srinivas Akkaraju, M.D., Ph.D. (Panorama Capital), Abraham Sartani, M.D. (Recordati S.p.A.), Lloyd I. Miller, III and Elkan Gamzu, Ph.D.

Management Changes

The Pharmos Board designated Mr. Robert F. Johnston to serve as Executive Chairman of the Board and Mr. S. Colin Neill to serve as President, in addition to his current roles as Chief Financial Officer, Treasurer and Secretary.

Elkan Gamzu Ph.D., who has been Chief Executive Officer, retires from that position and will remain on the Board.

Robert F. Johnston

Robert F. Johnston, a venture capitalist, is President of Johnston Associates which he founded in 1968 to provide financing for emerging companies in the biotechnology and healthcare fields.

Mr. Johnston was a founder and Chairman of Vela Pharmaceuticals, Inc., which merged into Pharmos in late 2006, and has founded numerous public companies including Sepracor, Cytogen, I-STAT, Ecogen, Genex and Envirogen. He also played an active and key role in the early formations of private companies such as Sonomed, Immunicon, PharmaStem (formerly Bioc
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SOURCE Pharmos Corporation
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