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Pharmos Restructures Operations in Israel
Date:10/30/2007

ISELIN, N.J., Oct. 30 /PRNewswire-FirstCall/ -- Pharmos Corporation (Nasdaq: PARS) announced today it is undertaking a second phase of restructuring as it continues to optimize the balance between cash resources and its most promising scientific research and development programs. This second phase involves a workforce reduction from 23 to 8 employees in its Israeli subsidiary, Pharmos Ltd. The Company does not expect a material charge against operations to result from this undertaking.

The Israeli subsidiary will continue efforts to expand and exploit the potential of the Company's CB2 receptor-selective library of compounds, including preclinical development of PRS-639,058 for neuropathic pain. It will also work to complete the Phase 2a clinical trial of Pharmos' proprietary NanoEmulsion (NE) topical cream drug delivery system formulated with the NSAID diclofenac for osteoarthritis pain. The Phase 2a NE/diclofenac study is currently underway at several Israeli hospitals, with data anticipated in mid-2008.

This restructuring phase also calls for the Company to assess other means of financing these programs, such as the possibility of finding new investors to finance Pharmos Ltd. as an independent entity. Dr. Haim Aviv, the founder of Pharmos, will lead these efforts on behalf of the Company's Board of Directors. Other than leading this effort, Dr. Aviv has no management role in Pharmos.

The restructuring will have no effect on the Company's late-stage clinical development program with dextofisopam, which is currently in Phase 2b testing in the U.S. as a treatment for irritable bowel syndrome (IBS). The double-blinded study, which commenced in June 2007, is designed to enroll approximately 480 patient
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SOURCE Pharmos Corporation
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