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Pharmos Corporation Reports 2007 Fourth Quarter and Year-end Results
Date:2/28/2008

ble bowel syndrome (IBS). The Company expects to enroll approximately 480 IBS patients in the double- blind, randomized, placebo-controlled study, with data expected in mid-2009.

Net research and development expenses increased 41.7%, to $10.6 million in 2007 from $7.5 million in 2006. The higher percentage increase compared to the percentage increase in gross research and development is due to a 43.8% decrease in grant funding in 2007 compared to 2006, due to lower qualifying expenditures in 2007. General and administrative expenses decreased 26.5% to $6.7 million in 2007 compared to $9.1 million in 2006, primarily due to lower professional fees, investor relations expenses and insurance costs, and reflecting an aggressive cost-containment program initiated in 2007. Other income (expense), net decreased 44.4% to net other income of $1.0 million compared to net other income of $1.8 million in 2006 primarily due to a reduction in interest income.

The 2007 net loss was also favorably impacted by the above-mentioned 56% increase in income tax benefit to $1.0 million in 2007 compared to $0.6 million in 2006.

Cash and Short-term Investments

Cash and short-term investments were $11.2 million on December 31, 2007. Subsequent to the 2007 year-end, Pharmos raised $4.0 million in gross proceeds from a January 2008 initial closing of a private placement of 10% Convertible Debentures due November 2012. Under the terms of the offering, the Company may raise gross proceeds up to an aggregate of $8.0 million from the sale of Debentures in the placement (including the Debentures issued at the initial closing) and is putting forth efforts toward a second closing. Purchasers participating in the initial closing consisted of certain existing investors in the Company, namely Venrock Associates, New Enterprise Associates, Lloyd I. Miller, III and Robert Johnston.

Net Operating Loss Shareholder Notice

Under Internal Revenue Code Section 382 rules,
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