SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported) October 27, 1995
________________
Pharmos Corporation
______________________________________________________
(Exact name of registrant as specified in its charter)
Nevada 0-11550 13-3207413
______________________ ______________________ _________________
(State or other juris- Commission File Number (I.R.S. Employer
diction of incorporation Identification
or organization) Number)
101 East 52nd Street, 36th Floor, New York, NY 10022
_____________________________________________________
(Address of principal executive offices) (zip code)
(212) 838-0087
_____________________________________________________
(Registrant's telephone number including area code)
None
_____________________________________________________
(Former name, former address and former fiscal year,
if changed since last report)
<PAGE>
Item 5 Other Events
On October 27, 1995, Pharmos Corporation (the
"Company") commenced an action in Supreme Court, New York County,
against Dr. Nicholas Bodor, a former director of the Company,
seeking to enjoin Dr. Bodor from taking any steps to terminate or
interfere with the Company's rights under its License Agreement
with Dr. Bodor relating to its ophthalmic anti-inflammatory drug,
Loteprednol Etabonate ("LotemaxTM"). Dr. Bodor claims that the
advances against future revenues of LotemaxTM recently received
by the Company under its Marketing Agreement with Bausch & Lomb
Pharmaceuticals, Inc. are an upfront licensing fee of which Dr.
Bodor is entitled to receive a portion and that the failure to
pay would constitute grounds for his terminating the License
Agreement. Dr. Bodor also claims that the Marketing Agreement is
actually a sublicense entitling Dr. Bodor to additional royalties
under his License Agreement. In such event, Dr. Bodor would be
entitled to receive a portion of the Company's advances from
Bausch & Lomb as well as a higher royalty percentage from the
Company on future sales of LotemaxTM.
The Company strongly disagrees with Dr. Bodor's
characterization of the Bausch & Lomb Marketing Agreement and
believes his interpretation is incorrect and has no merit. To
prevent Dr. Bodor from wrongfully terminating the License
Agreement, the Company commenced the action to protect its rights
under both the License Agreement and the Marketing Agreement.
The Court scheduled a return date at which a hearing for a
preliminary injunction will be conducted on November 3, 1995.
<PAGE>
SIGNATURE PAGE
Pursuant to the requirements of the Securities Exchange Act
of 1934, the Registrant has duly caused this report to be signed
on its behalf by the undersigned thereunto duly authorized.
PHARMOS CORPORATION
Date: November 1, 1995 /s/ S. Colin Neill
________________ __________________________
S. Colin Neill
Acting Chief Financial Officer
