Pharmos Corporation to Present at the Acumen BioFin Rodman & Renshaw 4th Annual Global Healthcare Conference

Iselin NJ, May 8, 2006 – Pharmos Corporation (Nasdaq: PARS) announced today that its Chief Executive Officer, Elkan Gamzu, Ph.D., will present at the Acumen BioFin Rodman & Renshaw 4th Annual Global Healthcare Conference on Tuesday, May 15, 2007 at 10:05 AM Central Europe Daylight Time (GMT +2:00, or 4:05 AM Eastern Daylight Time). The conference is taking place May 14-15, 2007 at Le Meridien Beach Plaza Hotel in Monte Carlo, Monaco.

In the presentation, Dr. Gamzu will provide an update on the Company’s business and product pipeline. A webcast of the presentation will be available and archived for 90 days after the conference at http://www.wsw.com/webcast/rrshq11/pars. For additional information on this conference please visit www.rodmanandrenshaw.com/eu07conference.

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 (GI/IBS), pain/inflammation, and autoimmune disorders. The Company’s lead product, dextofisopam, has completed Phase 2a testing in IBS, a common GI disorder particularly prevalent in women, with a statistically significant effect compared to placebo on the primary efficacy endpoint of adequate relief (n=141, p=0.033). The Company plans to initiate a Phase 2b study of dextofisopam for the treatment of IBS in 2007. 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 undergoing Phase 2a testing in pain. Other compounds in Pharmos’ pipeline are in clinical and 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 Pharmos, to the prospective market penetration of its drug products, to the development and commercialization of its pipeline products and to its 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 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.