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Pharmos Corporation Reports Second Quarter 2012 Results
Date:7/30/2012

ISELIN, N.J., July 30, 2012 /PRNewswire/ -- Pharmos Corporation (OTCQB: PARS) today reported financial results for the second quarter and six-month period ended June 30, 2012. These results are included in the Company's Quarterly Report on Form 10-Q which has been filed with the SEC.

In May the Company issued a press release announcing the successful completion of a proof-of concept trial of levotofisopam for the treatment of gout. The trial was open label and 100% of the subjects were responders bringing their serum acid levels below 6mg/dL and 54% achieved serum uric acid levels below 4mg/dL. The Company has very limited financial resources and therefore needs to secure a partnership or raise additional capital to further develop levotofisopam.

Liquidity and Cash positionThe Company's condensed consolidated financial statements have been prepared assuming it will continue as a going concern. At June 30, 2012, the Company had approximately $0.5 million in cash and cash equivalents. Management believes that the current cash and cash equivalents will be sufficient to support their currently planned continuing operations through October 2012. Currently the Company spends approximately $100,000 a month on continuing operating expenses. The Company has a debenture of $1 million due to be repaid on November 1, 2012 which the Company will be unable to satisfy unless it achieves a collaboration with a pharmaceutical partner or raises additional capital to advance its lead compounds, levotofisopam, for the treatment of Gout, and dextofisopam, for the treatment of IBS.

Second Quarter Ended June 30, 2012The Company recorded a net loss of $0.4 million, or ($0.01) per share, for the second quarter 2012 compared to a net loss of $0.5 million, or ($0.01) per share, in the second quarter 2011. 

Research & development expenses for the second quarter decreased by $99,613, or 46%, from $214,470 in 2011 to $114,857 in 2012. The primary areas i
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SOURCE Pharmos Corporation
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