Pharmos Corporation Reports 2007 Fourth Quarter and Year-e... (marily due to the absence in the 2007 fo...)

Pharmos Corporation Reports 2007 Fourth Quarter and Year-end Results

Date:2/28/2008

marily due to the absence in the 2007 fourth quarter of closing and related costs in connection with the acquisition of Vela Pharmaceuticals that were recorded in the 2006 fourth quarter. Other income (expense), net decreased 38.2% to net other income of $0.2 million compared to net other income of $0.4 million in the same period in 2006 primarily due to a reduction in interest income.

The 2007 fourth quarter net loss was also favorably impacted by a 56% increase in income tax benefit to $1.0 million in the 2007 fourth quarter compared to $0.6 million in the same period in 2006. The income tax benefit represents funds derived from the sale of State Net Operating Loss carryforwards under the State of New Jersey's Technology Business Tax Certificate Transfer Program. The Program allows qualified technology and biotechnology businesses in New Jersey to sell unused amounts of net operating loss carryforwards and defined research and development tax credits for cash.

Twelve-months Ended December 31, 2007

The net loss for the twelve-month period ended December 31, 2007 was $15.6 million, or $0.61 per share compared to a net loss of $35.1 million, or $1.74 per share in 2006. The substantial decrease in net loss is primarily due to the above-mentioned one-time $20.6 million non-cash in-process acquired research and development expense Pharmos recorded in the 2006 fourth quarter in connection with its acquisition of Vela Pharmaceuticals. Without the in- process acquired research and development expense, the net loss after income tax benefit would have been $14.5 million, or $0.72 per share, for 2006.

Gross research and development expenses increased 27.9% to $11.5 million in 2007 compared to $9.0 million in 2006. The increase in gross research and development expenses is primarily due to the commencement in June 2007 of a large-scale Phase 2b clinical trial of Pharmos' lead compound, dextofisopam, which is being developed as a treatment for irrita
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Pharmos Corporation Reports 2007 Fourth Quarter and Year-e...(marily due to the absence in the 2007 fo...),Health