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Pharmos Corporation Announces Receipt of Nasdaq Delisting Determination
Date:3/6/2009

Company Also Receives Going Concern Audit Opinion

ISELIN, N.J., March 6 /PRNewswire-FirstCall/ -- Pharmos Corporation (Nasdaq: PARS) announced today that it has received a Nasdaq Staff Determination that the company is not in compliance with the minimum $2,500,000 stockholders' equity requirement for continued listing. Unless the company appeals the determination, its securities will be removed from listing and registration on The Nasdaq Stock Market. Pharmos does not intend to appeal the determination. The company anticipates that its shares will be listed for quotation on the Over-the Counter Bulletin Board (OTCBB) or another market and has begun the OTCBB listing process. The company will notify investors of its new stock symbol as soon as it becomes available.

On November 11, 2008, Nasdaq notified Pharmos that it did not comply with the minimum $2,500,000 stockholders' equity requirement for continued listing set forth in Nasdaq Marketplace Rule 4310(c)(3). Based on Nasdaq's review of materials submitted by Pharmos on November 24, 2008, Nasdaq granted the company's request for an exception until February 24, 2009 to comply with the requirement. Upon further review, Nasdaq determined that Pharmos did not meet the terms of the exception in that its stockholders' equity balance was not compliant by February 24, 2009. As a result, trading of Pharmos common stock will be suspended at the opening of business on March 13, 2009, and a Form 25-NSE will be filed with the Securities and Exchange Commission (the "SEC"), which will remove the company's securities from listing and registration on The Nasdaq Stock Market.

In addition, as reflected in its Annual Report on Form 10-K, which was filed with the SEC on February 27, 2009, Pharmos received an audit opinion from PricewaterhouseCoopers LLP, its independent registered p
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SOURCE Pharmos Corporation
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