Pharmos to Present at the 2005 BIO Investor Forum

Iselin NJ, October 17, 2005 – Pharmos Corporation (Nasdaq: PARS) today announced that it will present at the BIO Investor Forum (http://investorforum.bio.org/opencms/bif/2005/index.jsp)on Thursday, October 20, 2005 at 9:40 a.m. Pacific Time in the Sea Cliff room at the Palace Hotel in San Francisco, California.

Gad Riesenfeld, Ph.D., President and Chief Operating Officer, will provide an update on the Company’s business and product pipeline. A webcast of Pharmos’ presentation will be available at http://www.corporate-ir.net/ireye/confLobby.zhtml?ticker=PARS&item;_id=1144362, and will be archived for a limited time after the conference.

In addition to the Biotechnology Industry Organization (BIO), the forum will be hosted and co-hosted by Banc of America Securities, Lehman Brothers, Jeffries, RBC Capital Markets, and CIBC World Markets. More than 190 public and venture-stage companies are scheduled to give presentations to an audience of public and private equity investors, research analysts, investment bankers, and senior level executives.

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 undergoing Phase I safety studies and, if successful, will enter Phase II testing in pain indications around yearend or early 2006. From the dextrocannabinoid family, the neuroprotective drug candidate dexanabinol completed a Phase IIa trial as a preventive agent against post-surgical cognitive impairment. Other compounds from Pharmos’ proprietary synthetic cannabinoid library are in pre-clinical studies targeting pain, multiple sclerosis, rheumatoid arthritis and other disorders. The Company’s NanoEmulsion drug delivery system is in clinical-stage development for topical application of analgesic and anti-inflammatory agents.

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 Securities Litigation Reform Act of 1995. Such statements involve risks and uncertainties which 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.