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

nclude a $34,000 reduction in clinical study fees and a $66,000 reduction in consultant and professional fees. Clinical study fees decreased as the Gout trial concluded in April 2012 and fees were incurred on 13 completed patients. In 2011 clinical study fees were higher due to costs related to conducting a non-human primate toxicology study. Consulting and professional fees have decreased as the Company filed the IND for the Gout trial in 2011 while in 2012 there were normal expenses in this area.

General and administrative expenses for the second quarter of 2012 decreased by $21,664, or 8%, from $259,415 in 2011 to $237,751 in 2012. The primary reductions were a $7,000 reduction in salaries and benefits and a $15,000 reduction in various other areas. The decrease in payroll costs in 2012 reflects lower stock compensation.  There was also a reduction of various facility related expenses as the Company continued to reduce and manage overhead.

Six-months Ended June 30, 2012For the six months ended June 30, 2012, Pharmos recorded a net loss of $1.0 million, or ($0.02) per share compared to a net loss of $1.1 million, or ($0.02) per share for the six months ended June 30, 2011. 

Research & development expenses for the first half of 2012 decreased by $90,733, or 18%, from $496,254 in 2011 to $405,521 in 2012. The primary areas include an $115,000 increase in clinical study fees which were offset by a $204,000 reduction in consultant and professional fees and a $2,000 reduction in various other areas. Clinical study fees increased as the Gout trial commenced in January 2012 and fees were incurred on 13 completed patients. Consulting and professional fees have decreased as the Company filed the IND for the Gout trial in 2011 while in 2012 there were normal expenses in this area.

General and administrative expenses for the first half of 2012 decreased by $55,952, or 10%, from $553,760 in 2011 to $497,808 in 2012. The primary red
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SOURCE Pharmos Corporation
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