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Pharmos Corporation Announces Receipt of Nasdaq Noncompliance Letter
Date:11/13/2008

ISELIN, N.J., Nov. 13 /PRNewswire-FirstCall/ -- Pharmos Corporation (Nasdaq: PARS) today announced that it received notice from The Nasdaq Stock Market ("Nasdaq") on November 11, 2008 that the Company is not in compliance with Nasdaq Marketplace Rule 4310(c)(3), which requires the Company to have a minimum of $2,500,000 in stockholders' equity or $35,000,000 market value of listed securities or $500,000 of net income from continuing operations for the most recently completed fiscal year or two of the three most recently completed fiscal years. At September 30, 2008, the Company's stockholders' equity was $1,315,698, and the market value of its listed securities was $4,193,646. The Company has had net losses from its continuing operations for the three most recently completed fiscal years.

As previously disclosed, the Company is also currently not in compliance with Nasdaq Marketplace Rule 4310(c)(4), which requires that the minimum bid price per share of the Company's common stock shall be $1.

Under these circumstances, Nasdaq is reviewing the Company's eligibility for continued listing on the Nasdaq Capital Market. In order to facilitate this review, the Company intends to provide to Nasdaq, on or before November 26, 2008, the Company's specific plan to achieve and sustain compliance with all of The Nasdaq Capital Market listing requirements, including the time frame for completion of the plan.

About Pharmos Corporation

Pharmos discovers and develops novel therapeutics to treat a range of indications including specific diseases of the nervous system such as disorders of the brain-gut axis (GUIBS), pain/inflammation, and autoimmune disorders. The Company's lead product in development, dextofisopam, is undergoin
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