U.S. Congressman Mike Ferguson (R-NJ) Will Tour Pharmos Facility

Iselin NJ, March 17, 2006 – Pharmos Corporation (Nasdaq: PARS) announced today that United States Congressman Mike Ferguson (R-NJ) will visit Pharmos headquarters in Iselin, N.J. on Friday morning, March 17, 2006. Pharmos’ Iselin offices are located in Congressman Ferguson’s 7th Congressional District. The Congressman plans to tour Pharmos’ facility and meet Company employees.

Congressman Ferguson is currently serving his third term in office since being elected in 2000. Among his numerous duties, Congressman Ferguson serves on the House Energy and Commerce Committee, which has wide jurisdiction over health care, telecommunications and energy industries. Within the House Energy and Commerce Committee, he serves as Vice Chairman of the Health Subcommittee. For more information about Congressman Ferguson please go to http://www.house.gov/ferguson/.

Alan Rubino, President and Chief Operating Officer of Pharmos said, “It is with great honor that we welcome Congressman Ferguson to visit Pharmos’ offices. His visit is particularly appropriate after our March 15 announcement of a definitive agreement to acquire Vela Pharmaceuticals, another New Jersey healthcare company. New Jersey is home to 75 percent of the world’s leading pharmaceutical companies and accounts for about 24 percent of all private R&D; dollars spent in the country; Pharmos is proud to do business here.”

Pharmos discovers and develops novel therapeutics to treat a range of indications including neurological and inflammatory disorders. The Company’s core proprietary technology platform focuses on discovery and development of synthetic cannabinoid compounds. Cannabinor, the lead CB2-selective receptor agonist candidate, is scheduled for Phase II testing in pain indications during 2006. Other compounds from Pharmos’ proprietary synthetic cannabinoid library are in pre-clinical studies targeting pain, multiple sclerosis, rheumatoid arthritis and other disorders.

Statements made in this press release related to the business outlook and future financial performance of the Company, to the prospective market penetration of its drug products, to the development and commercialization of the Company’s pipeline products, and to the Company’s expectations in connection with any future event, condition, performance, or other matter, are forward-looking and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements involve risks and uncertainties that may cause results to differ materially from those set forth in these statements. Additional economic, competitive, governmental, technological, marketing, and other factors identified in Pharmos’ filings with the Securities and Exchange Commission could affect such results. Pharmos undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events, or otherwise. Forward-looking statements in this press release should be evaluated together with the many uncertainties that affect Pharmos’ business.