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Biotech / Medical : Pharmos (PARS) -- Ignore unavailable to you. Want to Upgrade?

To: yosi s who wrote (612)	3/8/1999 2:11:00 PM
From: Dr. John M. de Castro	Read Replies (1) \| Respond to of 1386

Notes from the PARS 3/8/99 conference call I listened in to the PARS conference call this morning. Here is a transcription of my notes. I'd appreciate it if other participants would add their thoughts and/or correct any misperceptions that I might have had. In general the tone was upbeat, but very candid (IMHO very effective and professional). The overall impression I got was that we shouldn't expect much for a few months but everything is on track and progress is being made. John de C Lotemax and Alrex shipments now equal prescriptions. So the next quarters earnings statement should more accurately reflect sales. BOL has not filed for EU approval yet. They said that they need more data. Approval has been issued for Argentina and has been filed in Brazil. Plans are in place for a large number of other foreign filings. There is no comarketing partner agreement and there is not likely to be one in the immediate future. It appears that BOL is asking for unacceptable concessions from PARS. BOL has expanded the sales force detailing Alres & Lotemax and they have completed training the surgical reps. BOL will begin selling Lotemax as part of surgical kits. LE-T is on track for an NDA later this year and approval in 2000. PARS is in the process of deciding what other pipeline projects to bring out into open development. I got the impression that an announcement would occur regarding this is the not to distant future. HU-211: The high dose arm has enroled 20 of 30 patients. There are a number of companies doing due diligence on HU-211. There was no indication of a short list. Some of the companies are looking for all indications while some are only looking at head trauma and stroke. They have already visited the NJ headquarters and are scheduling visits to Israel as part of their DD. It was indicated that it will take 2 to 3 months to complete DD. If all goes well an agreement can be in place by midyear. The tenor was upbeat and there were indications that there is a good deal of interest and enthusiasm from the Phramas toward HU-211. Finances: Slightly less than $3 million cash left with 40-41 million shares outstanding. Castle Creek has not converted any preferred convertible shares since November and still hold 1500 outstanding shares. Bob Cook indicated that CC were "good" investors and that PARS had seen no evidence of manipulation. He attributed the low stock price to poor market conditions for small cap biotech in general.