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PHARMOS COMPLETES $5 MILLION ACQUISITION OF XENON VISION; NEWLY MERGED COMPANY CONTINUES EXPANSION OF TECHNOLOGY BASE

 PHARMOS COMPLETES $5 MILLION ACQUISITION OF XENON VISION;
 NEWLY MERGED COMPANY CONTINUES EXPANSION OF TECHNOLOGY BASE
 NEW YORK, Nov. 2 /PRNewswire/ -- Pharmos Corp. (NASDAQ: PARS) today announced it has completed its acquisition of Xenon Vision, Inc., a research-based pharmaceutical company with several patented drugs to treat ophthalmic disorders.
 Under the agreement, Pharmos acquires all of the outstanding equity securities of Xenon. Xenon shareholders will receive two million shares of Pharmos common stock, which will be restricted from trading for a period of 15 months.
 Thursday, Pharmos announced it has completed its merger with Pharmatec, Inc., a Florida-based biotechnology company developing a unique carrier technology for the delivery of drugs to the brain. Both Pharmatec and Xenon use technology derived from Dr. Nicholas Bodor's research at the University of Florida.
 "Combined, these companies' technologies and their clinical research capabilities provide the synergies for Pharmos to establish a leadership position in the development of novel treatments for the eye and central nervous system," said Stephen R. Streber, president of Pharmos. "Pharmos possesses particularly interesting technologies to get drugs across complex barriers such as the Blood-Brain and Blood-Eye barriers."
 Xenon, founded in 1987, is developing innovative and target-specific drugs to treat ophthalmic conditions. The lead compound, a novel steroid for ocular inflammation, has completed Phase II clinical trials. Additionally, two beta-blockers are in development for the treatment of glaucoma, the first of which has completed Phase I clinical studies.
 Pharmos will be developing and commercializing ophthalmic and central nervous system drugs. The company currently has approximately 10 compounds in various stages of development, from late pre-clinical to advanced clinical trials. Following the acquisition, Pharmos' ophthalmic drugs in development address a worldwide market of nearly $1 billion.
 Pharmos Corporation is a pharmaceutical company engaged in the development of innovative therapeutic products to treat disorders of the eye and central nervous system. The company utilizes a variety of unique and proprietary technologies to provide effective new modes of delivery and enhanced levels of specificity for existing pharmaceutical compounds.
 -0- 11/2/92
 /CONTACT: Stephen R. Streber, president of Pharmos Corp., 212-838-0087, or Donald C. Weinberger of Strategic Growth International, 212-826-9622, or Anthony J. Russo, Ph.D. of Noonan-Russo Communications, 212-979-9180, both for Pharmos Corp./
 (PARS) CO: Pharmos Corp.; Xenon Vision, Inc. ST: New York IN: MTC SU: TNM


LD-TM -- NY006 -- 7539 11/02/92 08:43 EST
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Date:Nov 2, 1992
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