Pharmos Corp. announced Thursday that it has completed its$65 million dollar merger with Pharmatec Inc.
Pharmatec's stock ceased trading at the end of Thurday'strading day, and Pharmos, the combined entity, will begintrading today on NASDAQ under the symbol PARS.
Under the terms of the merger, Pharmatec will issue 13.4million shares of a new class of its convertible common stock(class B) to Pharmos shareholders in exchange for all of the17.5 million issued and outstanding shares of Pharmos commonstock.
With the merger completed, Pharmos expects its option toacquire Xenon Vision Inc. to close today.
The merged company will be based in New York, with researchfacilities in Israel and Florida, and will continue to developtherapeutic products to treat disorders of the eye and centralnervous system. -- Michelle Slade
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