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Pharmos Corporation Reports 2008 Second Quarter Results
Date:8/7/2008

ISELIN, N.J., Aug. 7 /PRNewswire-FirstCall/ -- Pharmos Corporation (Nasdaq: PARS) today reported results for the second quarter ended June 30, 2008. The Company recorded a net loss of $2.7 million, or $0.10 per share, for the second quarter 2008 compared to a net loss of $4.6 million, or $0.18 per share, in the second quarter 2007. Cash and cash equivalents totaled $9.0 million at June 30, 2008.

The decrease in net loss for the second quarter 2008 is due primarily to a 46% decrease in operating expenses to $2.6 million from $4.9 million in the second quarter 2007. The decline in operating expenses resulted from a 41% decrease in gross research and development expenses to $2.1 million compared to $3.7 million in the second quarter 2007. Also general and administrative expenses decreased 66% to $0.5 million from $1.3 million in the second quarter 2007.

During the second quarter, the Company advanced a Phase IIb trial of its lead compound, dextofisopam, in female IBS patients. The Phase IIb trial is expected to enroll approximately 480 patients in about 70 sites in the United States. Costs of $1,470,000 were incurred during the quarter in connection with the trial, comprising CRO-related activities and patient recruitment costs. During the second quarter, the Company engaged a second CRO to identify and manage additional sites. As the Company is currently behind its planned enrollment schedule, additional expenses were incurred in conducting a centralized advertising campaign to enhance patient enrollment. 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
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