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PHARMOS AND PHARMATEC APPOINT NEW PRESIDENT & COO, CFO

 PHARMOS AND PHARMATEC APPOINT NEW PRESIDENT & COO, CFO
 NEW YORK, Aug. 6 /PRNewswire/ -- In anticipation of their merger,


Pharmos Corp. and Pharmatec, Inc. (NASDAQ: PHTC) today announced that Stephen R. Streber has been appointed president and chief operating officer of the combined entity, Pharmos. The companies also appointed Henry M. Dachowitz as chief financial officer.
 Streber is currently co-chairman of Pharmos with Haim Aviv, Ph.D., who will remain as CEO. Streber has spent more than 20 years in the pharmaceutical industry and was president of Roussel-Uclaf's U.S. operations. Most recently, he was president and CEO of Innovir, a development-stage biotechnology company based in New York. Streber has an MBA from Insead, Fontainebleau, France and is a graduate of the University of Sydney, Australia.
 Dachowitz, a CPA, has more than 15 years financial, operating and management consulting experience. Dachowitz was most recently at Richard A. Eisner & Company and has held senior positions at Bankers Trust and Sanford C. Bernstein & Company, and was vice president of finance at IG Biotechnology, Inc. Dachowitz has an MBA from Harvard Business School and is a graduate of Brooklyn College.
 "The new management team complements the company's scientific base with the international pharmaceutical operating skills and solid financial control disciplines necessary for Pharmos' next stage of development," said Aviv.
 This spring, Pharmatec, Inc. entered into a definitive merger agreement with Pharmos Corp. a privately held, biopharmaceutical company with proprietary drug delivery and formulation technology. The companies have previously announced an option agreement to acquire all of the outstanding securities of Xenon Vision Inc. Xenon is a privately held research-based pharmaceutical company with several patented drugs in development for ophthalmic use.
 The focus of the combined company, Pharmos, will be the development and commercialization of ophthalmic and central nervous system (CNS) drugs. The company has developed a novel steroid for treating ocular inflammation that is preparing to enter Phase III clinical trials in late 1992. In addition, the company has a novel eye-activated beta blocker for the treatment of glaucoma in Phase I clinical studies. Pharmos also has a proprietary drug delivery system, the Sub Micron Emulsion (SME) technology. SME is a broad-based delivery system whose initial application will be for the ophthalmic drugs, the first of which recently completed successful Phase I clinical studies.
 In the CNS area, Pharmos has developed several lead candidates using a proprietary, patented carrier technology which has been shown to significantly enhance delivery of drugs to the brain in limited human testing. The combination of the anti-AIDS drug AZT with the company's proprietary carrier technology has proved promising in pre-clinical experiments. The company believes that the AZT-carrier combination may prove advantageous in the treatment of AIDS-related dementia.
 Pharmos is also developing a new class of pharmaceuticals which in preclinical experiments have demonstrated neuro-protective properties. These compounds may ultimately be useful in the treatment of certain central nervous system disorders such as stoke and head trauma.
 The combined companies' priority ophthalmic drugs address a worldwide market of nearly $1 billion; the worldwide market for the company's leading CNS drugs exceeds $2 billion. Pharmos' executive offices are located in New York and its principle operations are in Israel and Gainesville, Fla.
 -0- 8/6/92
 /CONTACT: Anthony J. Russo or Kathryn Comba of Noonan/Russo, 212-979-9180, for Pharmos/
 (PHTC) CO: Pharmos Corp.; Pharmatec, Inc. ST: New York IN: MTC SU: TNM


SM-LR -- NY018 -- 7458 08/06/92 09:33 EDT
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Publication:PR Newswire
Date:Aug 6, 1992
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