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Pharmos Corporation Reports 2008 First Quarter Results
Date:5/8/2008

of Operations

Three months ended

March 31,

2008 2007

Expenses

Research and development, gross $2,778,234 $2,906,739

Grants - (336,641)

Research and development, net of grants 2,778,234 2,570,098

General and administrative 796,924 2,460,696

Depreciation and amortization 34,552 69,568

Total operating expenses 3,609,710 5,100,362

Loss from operations (3,609,710) (5,100,362)

Other (expense) income

Interest income 130,700 330,158

Interest expense (122,862) -

Other income 6,989 17,109

Other income, net 14,827 347,267

Net loss ($3,594,883) ($4,753,095)

Net loss per share

- basic and diluted ($0.14) ($0.19)

Weighted average shares outstanding

- basic and diluted 25,739,855 25,563,367

Select Consolidated Balance Sheet Data

March 31, 2008 December 31, 2007

Cash and short-term investments $11,327,248 $11,168,309

Working capital $10,031,767 $9,504,348

Shareholder's equity $6,549,530 $9,984,665


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