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Pharmos Corporation Reports 2008 Fourth Quarter Results
Date:2/27/2009

ISELIN, N.J., Feb. 27 /PRNewswire-FirstCall/ -- Pharmos Corporation (Nasdaq: PARS) today reported financial results for the fourth quarter and twelve-month period ended December 31, 2008.

Fourth Quarter Ended December 31, 2008

The Company recorded a net loss of $1.0 million, or $0.04 per share, for the fourth quarter 2008 compared to a net loss of $2.7 million, or $0.11 per share, in the fourth quarter 2007. Cash and cash equivalents totaled $4.7 million at December 31, 2008.

The decrease in net loss for the fourth quarter 2008 is due primarily to a 45% decrease in operating expenses to $2.1 million from $3.9 million in the fourth quarter 2007. The decline in operating expenses resulted from a 14% decrease in net research and development expenses to $1.8 million compared to $2.1 million in the fourth quarter 2007. Also general and administrative expenses decreased 84% to $0.3 million from $1.7 million in the fourth quarter 2007.

During the fourth quarter, the Company advanced a Phase IIb trial of its lead compound, dextofisopam, in female IBS patients. Costs of $1,443,000 were incurred during the quarter in connection with the trial, comprising CRO-related activities and patient recruitment costs. Dextofisopam was one of the compounds the Company obtained through the acquisition of Vela Pharmaceuticals Inc which closed in October 2006. The continued development of this compound through late-stage clinical testing will significantly increase the research and development expenses going forward.

General and administrative expenses for the fourth quarter of 2008 decreased by 84%, from $1.7 million in 2007 to $0.3 million. The decline reflects decreases in virtually every general and administrative expense category. The primary reductions include a $1,003,000 reduction in payro
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SOURCE Pharmos Corporation
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