<PAGE>
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(AMENDMENT NO. 1)*
Pharmos Corporation
- --------------------------------------------------------------------------------
(Name of Issuer)
Common Stock
- --------------------------------------------------------------------------------
(Title of Class of Securities)
717139208
- --------------------------------------------------------------------------------
(CUSIP Number)
October 28, 1998
- --------------------------------------------------------------------------------
(Date of Event Which Requires filing of this Statement)
Check the appropriate box to delegate the rule pursuant to which the
Schedule is filed:
[_] Rule 13d-1(b)
[X] Rule 13d-1(c)
[_] Rule 13d-1(d)
*The remainder of this cover page shall be filled out for a reporting
person's initial filing on this form with respect to the subject class of
securities, and for any subsequent amendment containing information which would
alter the disclosures provided in a prior cover page.
The information required in the remainder of this cover page shall not be
deemed to be "filed" for the purpose of Section 18 of the Securities Exchange
Act of 1934 ("Act") or otherwise subject to the liabilities of that section of
the Act but shall be subject to all other provisions of the Act (however, see
the Notes).
Page 1 of 11 pages
<PAGE>
- ------------------------- ----------------------
CUSIP NO. 717139208 13G PAGE 2 OF 11 PAGES
--------- - --
- ------------------------- ----------------------
- ------------------------------------------------------------------------------
NAME(S) OF REPORTING PERSON(S)
1 S.S. OR I.R.S. IDENTIFICATION NO(S). OF ABOVE PERSON(S)
Agis Industries (1983) Ltd.
- ------------------------------------------------------------------------------
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
2 (a) [_]
(b) [_]
- ------------------------------------------------------------------------------
SEC USE ONLY
3
- ------------------------------------------------------------------------------
CITIZENSHIP OR PLACE OF ORGANIZATION
4
Israel
- ------------------------------------------------------------------------------
SOLE VOTING POWER
5
NUMBER OF 0
SHARES -----------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 6
1,871,000
OWNED BY
-----------------------------------------------------------
EACH SOLE DISPOSITIVE POWER
7
REPORTING 0
PERSON -----------------------------------------------------------
SHARED DISPOSITIVE POWER
WITH 8
1,871,000
- ------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
9
1,871,000
- ------------------------------------------------------------------------------
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
10
[_]
- ------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
11
4.79%
- ------------------------------------------------------------------------------
TYPE OF REPORTING PERSON*
12
IN
- ------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 2 of 11 Pages
<PAGE>
- ------------------------- ----------------------
CUSIP NO. 717139208 13G PAGE 3 OF 11 PAGES
--------- - --
- ------------------------- ----------------------
- ------------------------------------------------------------------------------
NAME(S) OF REPORTING PERSON(S)
1 S.S. OR I.R.S. IDENTIFICATION NO(S). OF ABOVE PERSON(S)
Arkin Properties Ltd.
- ------------------------------------------------------------------------------
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
2 (a) [_]
(b) [_]
- ------------------------------------------------------------------------------
SEC USE ONLY
3
- ------------------------------------------------------------------------------
CITIZENSHIP OR PLACE OF ORGANIZATION
4
Israel
- ------------------------------------------------------------------------------
SOLE VOTING POWER
5
NUMBER OF 0
SHARES -----------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 6
1,871,000
OWNED BY
-----------------------------------------------------------
EACH SOLE DISPOSITIVE POWER
7
REPORTING 0
PERSON -----------------------------------------------------------
SHARED DISPOSITIVE POWER
WITH 8
1,871,000
- ------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
9
1,871,000
- ------------------------------------------------------------------------------
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
10
[_]
- ------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
11
4.79%
- ------------------------------------------------------------------------------
TYPE OF REPORTING PERSON*
12
IN
- ------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 3 of 11 Pages
<PAGE>
- ------------------------- ----------------------
CUSIP NO. 717139208 13G PAGE 4 OF 11 PAGES
--------- - --
- ------------------------- ----------------------
- ------------------------------------------------------------------------------
NAME(S) OF REPORTING PERSON(S)
1 S.S. OR I.R.S. IDENTIFICATION NO(S). OF ABOVE PERSON(S)
Moshe Arkin
- ------------------------------------------------------------------------------
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
2 (a) [_]
(b) [_]
- ------------------------------------------------------------------------------
SEC USE ONLY
3
- ------------------------------------------------------------------------------
CITIZENSHIP OR PLACE OF ORGANIZATION
4
Israel
- ------------------------------------------------------------------------------
SOLE VOTING POWER
5
NUMBER OF 61,000
SHARES -----------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 6
1,879,850
OWNED BY
-----------------------------------------------------------
EACH SOLE DISPOSITIVE POWER
7
REPORTING 61,000
PERSON -----------------------------------------------------------
SHARED DISPOSITIVE POWER
WITH 8
1,879,850
- ------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
9
1,940,850
- ------------------------------------------------------------------------------
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
10
[_]
- ------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
11
4.97%
- ------------------------------------------------------------------------------
TYPE OF REPORTING PERSON*
12
IN
- ------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 4 of 11 Pages
<PAGE>
Item 1(a) Name of Issuer
--------------
Pharmos Corporation ("Pharmos")
Item 1(b) Address of Issuer's Principal Executive Offices
-----------------------------------------------
33 Wood Avenue South, Suite 466
Iselin, New Jersey 08830
Item 2(a) Name of Person Filing
---------------------
This filing is being made on behalf of Moshe Arkin
(the "Reporting Person").
Item 2(b) Address of Principal Business Office or, if none, Residence
-----------------------------------------------------------
29, Lehi Street, 51200 Bnei-Brak, Israel.
Item 2(c) State of Organization/Citizenship
---------------------------------
Moshe Arkin is an Israeli citizen.
Item 2(d) Title of Class of Securities
----------------------------
Common Stock
Item 2(e) CUSIP Number
------------
717139208
Item 3. If this statement is filed pursuant to Rules 13d-1(b), or 13d-2(b),
check whether the person filing is a
Not applicable.
(a) [ ] Broker or Dealer registered under Section 15 of the Act
(b) [ ] Bank as defined in Section 3(a)(6) of the Act
(c) [ ] Insurance Company as defined in Section 3(a)(19) of the Act
(d) [ ] Investment Company registered under Section 8 of the
Investment Company Act
(e) [ ] Investment Adviser registered under Section 203 of the
Investment Advisers Act of 1940
Page 5 of 11 pages
<PAGE>
(f) [ ] Employee Benefit Plan, Pension Fund which is subject to the
provisions of the Employee Retirement Income Security Act
of 1974 or Endowment Fund; see (S)240.13d-1(b)(1)(ii)(F)
(g) [ ] Parent Holding Company, in accordance with
(S)240.13d-1(b)(1)(ii)(G)
(h) [ ] Group, in accordance with (S)240.13d-1(b)(1)(ii)(H)
Item 4. Ownership
---------
(a), (b) and (c): Vesteck Ltd. ("Vestek") owns directly an aggregate
of 1,730,000 shares of Common Stock, or 4.43% of Pharmos' outstanding stock.
Vesteck shares voting and dispositive power over these shares. Vestek is a
wholly owned subsidiary of Agis Commercial Agencies (1989) Ltd. which, in turn,
is a wholly owned subsidiary of Agis Industries (1983) Ltd. ("Agis"). Agis owns
directly an aggregate of 141,000 shares of Common Stock, or .36% of Pharmos'
outstanding stock and, directly and indirectly, an aggregate of 1,871,000 shares
of Common Stock, or 4.79% of Pharmos' outstanding stock. Agis shares voting and
dispositive power over these shares.
As a 44% stockholder in Agis, Arkin Properties Ltd. ("Arkin
Properties") may be deemed to be the beneficial owner of the Common Stock held
by Vesteck and Agis. In the aggregate, Arkin Properties may be deemed to share
voting and dispositive power over 1,871,000 shares of Common Stock, or 4.79% of
Pharmos' outstanding stock.
Arkin Real Estate Holdings (1961) Ltd. ("Arkin RE Holdings") owns
directly an aggregate of 8,850 shares of Common Stock, or .02% of Pharmos'
outstanding stock. Arkin RE Holdings shares voting and dispositive power over
these shares.
Moshe Arkin owns directly an aggregate of 61,000 shares of Common
Stock, or .16% of Pharmos' outstanding stock, and has sole voting and
dispositive power over these shares. Moshe Arkin owns 71.3% of the stock of each
of Arkin Properties and Arkin RE Holdings and may be deemed to share beneficial
ownership of, and thus, to share voting and dispositive power over, the Common
Stock beneficially owned by each of Vestek, Agis, Arkin Properties and Arkin RE
Holdings, in the aggregate 1,879,850 shares of Common Stock, or 4.82% of
Pharmos' outstanding stock. Moshe Arkin may be deemed to beneficially own,
therefore, 1,940,850 shares of Common Stock, or 4.97% of Pharmos' outstanding
stock.
Item 5. Ownership of Five Percent or Less of a Class
--------------------------------------------
[X] The Reporting Persons have not sold any of their shares of
Pharmos Common Stock but have ceased to be beneficial owners of
more than five percent of the Common Stock of Pharmos as a result
of the increase in the Pharmos Common Stock outstanding to
39,040,772 shares, as reported on the Pharmos Form 10-Q for the
quarter ended September 30, 1998 filed with the Securities and
Exchange Commission on November 11, 1998.
Item 6. Ownership of More than Five Percent on Behalf of Another Person
---------------------------------------------------------------
See Item 4.
Page 6 of 11 pages
<PAGE>
Item 7. Identification and Classification of the Subsidiary Which Acquired
-------------------------------------------------------------------
the Security Being Reported on By the Parent Holding Company
------------------------------------------------------------
See Item 4.
Item 8. Identification and Classification of Members of the Group
---------------------------------------------------------
Not applicable.
Item 9. Notice of Dissolution of Group
------------------------------
Not applicable.
Item 10. Certification
-------------
By signing below I certify that, to the best of my knowledge and
belief, the securities referred to above were acquired in the ordinary
course of business and were not acquired for the purpose of and do not have
the effect of changing or influencing the control of the issuer of such
securities and were not acquired in connection with or as a participant in
any transaction having such purposes or effect.
Page 7 of 11 pages
<PAGE>
Signature
---------
After reasonable inquiry and to the best of my knowledge and belief, I certify
that the information set forth in this statement is true, complete and correct.
Date: December 11, 1998
AGIS INDUSTRIES (1983) LTD.
By: /s/ Lewis J. Geffen
-------------------------
Moshe Arkin
By: Lewis J. Geffen, Attorney-in Fact
ARKIN PROPERTIES LTD.
By: /s/ Lewis J. Geffen
-------------------------
Moshe Arkin
By: Lewis J. Geffen, Attorney-in Fact
MOSHE ARKIN
By: /s/ Lewis J. Geffen
-------------------------
Moshe Arkin
By: Lewis J. Geffen, Attorney-in Fact
Page 8 of 11 pages
<PAGE>
JOINT FILING AGREEMENT
The undersigned hereby agree that the statement on Schedule 13G with respect
to the Ordinary Shares of Pharmos Corporation, dated December 11, 1998 is, and
any amendments thereto signed by each of the undersigned shall be, filed on
behalf of each of them pursuant to and in accordance with the provisions of Rule
13d-1(k)(iii) under the Securities Exchange Act of 1934.
Dated: December 11, 1998
AGIS INDUSTRIES (1983) LTD.
By: /s/ Lewis J. Geffen
-------------------------
Moshe Arkin
By: Lewis J. Geffen, Attorney-in Fact
ARKIN PROPERTIES LTD.
By: /s/ Lewis J. Geffen
-------------------------
Moshe Arkin
By: Lewis J. Geffen, Attorney-in Fact
MOSHE ARKIN
By: /s/ Lewis J. Geffen
-------------------------
Moshe Arkin
By: Lewis J. Geffen, Attorney-in Fact
Page 9 of 11 pages
<PAGE>
POWER OF ATTORNEY
Know all by these presents, that on behalf of Moshe Arkin, Vesteck Ltd., a
wholly owned subsidiary of Agis Commercial Agencies (1989) Ltd. ("ACA Ltd.")
which is a wholly owned subsidiary of Agis Industries (1983) Ltd. ("AI Ltd."),
ACA Ltd., AI Ltd. and Arkin Properties Ltd. (collectively with Moshe Arkin, the
"Companies"), the undersigned hereby constitutes and appoints Lewis J. Geffen of
Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C., signing singly, with full
power of substitution, the Companies' true and lawful attorney-in-fact to:
(1) execute for and on behalf of the Companies Schedules 13D or 13G, and
amendments thereto, in accordance with Sections 13(d) and 13(g) of the
Securities Exchange Act of 1934, as amended (the "Act") and the rules
thereunder;
(2) do and perform any and all acts for and on behalf of the Companies
which may be necessary or desirable to complete and execute any such
Schedule 13D or 13G, or amendments thereto, and timely file such forms
with the United States Securities and Exchange Commission and Pharmos
Corporation ("Pharmos"); and
(3) take any other action of any type whatsoever in connection with the
foregoing which, in the opinion of such attorney-in-fact, may be of
benefit to, in the best interest of, or legally required by, the
Companies, it being understood that the documents executed by such
attorney-in-fact on behalf of the Companies pursuant to this Power of
Attorney shall be in such form and shall contain such terms and
conditions as such attorney-in-fact may approve in such attorney-in-
fact's discretion.
The Companies hereby grant to such attorney-in-fact full power and authority
to do and perform any and every act and thing whatsoever requisite, necessary,
or proper to be done in the exercise of any of the rights and powers herein
granted, as fully to all intents and purposes as the Companies might or could do
if present directly, with full power of substitution or revocation, hereby
ratifying and confirming all that such attorney-in-fact, or such attorney-in-
fact's substitute or substitutes, shall lawfully do or cause to be done by
virtue of this power of attorney and the rights and powers herein granted. The
Companies acknowledge that the foregoing attorney-in-fact, in serving in such
capacity at the request of the Companies, is not assuming any of the Companies'
responsibilities to comply with Sections 13(d) and 13(g) of the Act.
This Power of Attorney shall remain in full force and effect until the
Companies are no longer required to file Schedules 13D or 13G with respect to
the Companies' holdings of, and transactions in, securities issued by Pharmos,
unless earlier revoked by the Companies in a signed writing delivered to the
foregoing attorney-in-fact.
Paqge 10 of 11 pages
<PAGE>
IN WITNESS WHEREOF, the Companies have caused this Power of Attorney to be
executed this 27th day of October, 1998.
/s/ Moshe Arkin
------------------------------------
Signature
Moshe Arkin
------------------------------------
Print Name and Titles
Chairman and CEO, Agis Industries (1983) Ltd.
Chairman and CEO, Agis Commercial Agencies (1989) Ltd.
Chairman and CEO, Vesteck Ltd.
Chairman and CEO, Arkin Properties Ltd.
Page 11 of 11 pages
