EXHIBIT 99.1

[PHARMOS LOGO]
99 Wood Avenue South, Suite 311                    Contact - U.S.: Gale T. Smith
Iselin, NJ 08830                                                    732-452-9556
www.pharmoscorp.com                               Contact - Israel: Irit Kopelov
                                                                     08-940-9679

            Pharmos Corporation Announces Pricing of Public Offering

Iselin NJ, December 16, 2003 - Pharmos Corporation (Nasdaq: PARS) announced
today the pricing of its previously announced public offering. Pharmos will be
offering 10,500,000 common shares, at a price of $2.75 per share through a firm
commitment underwriting. The net proceeds of this offering to Pharmos are
expected to be approximately $27 million. In addition, Pharmos has granted the
underwriters a 30-day option to purchase up to an additional 1,575,000 shares to
cover over-allotments. The offering is expected to close on Friday, December 19,
2003. C.E. Unterberg, Towbin and Harris Nesbitt Gerard are acting as
underwriters for the offering.

The offering is being made from a shelf registration statement filed by Pharmos
on November 18, 2003, as amended, that was declared effective by the Securities
and Exchange Commission on December 2, 2003. A final prospectus supplement will
be filed by the Company relating to this offering.

This press release does not constitute an offer to sell or the solicitation of
an offer to buy these securities, nor shall there be any sale of these
securities in any state or foreign jurisdiction in which such offer,
solicitation or sale is unlawful. The offering of common stock may be made only
be means of a prospectus, a copy of which is available from C.E. Unterberg,
Towbin, 350 Madison Avenue, New York, New York 10017 or Harris Nesbitt Gerard,
360 Madison Avenue, New York, New York 10017.

Pharmos Corporation is a bio-pharmaceutical company that discovers and develops
new drugs to treat a range of neuro-inflammatory disorders. Pharmos has a
portfolio of drug candidates under development, as well as discovery,
preclinical and clinical capabilities. Pharmos' executive offices and clinical
and regulatory group are located in Iselin, New Jersey, and it conducts research
and development through its wholly-owned subsidiary, Pharmos Ltd., in Rehovot,
Israel.

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.

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