Pharmos Corporation Reports 2008 Third Quart...( ISELIN N.J. Nov. 6 /- Pharmos Cor...),Health

ISELIN, N.J., Nov. 6 /PRNewswire-FirstCall/ -- Pharmos Corporation (Nasdaq: PARS) today reported results for the third quarter ended September 30, 2008. The Company recorded a net loss of $2.8 million, or $0.11 per share, for the third quarter 2008 compared to a net loss of $3.5 million, or $0.14 per share, in the third quarter 2007. Cash and cash equivalents totaled $6.1 million at September 30, 2008.

The decrease in net loss for the third quarter 2008 is due primarily to a 26% decrease in operating expenses to $2.8 million from $3.7 million in the third quarter 2007. The decline in operating expenses resulted from a 16% decrease in gross research and development expenses to $2.3 million compared to $2.7 million in the third quarter 2007. Also general and administrative expenses decreased 64% to $0.4 million from $1.2 million in the third quarter 2007.

During the third 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 $1,734,000 were incurred during the quarter in connection with the trial, comprising CRO-related activities and patient recruitment costs. The company is currently using two CRO's to enhance enrollment in the Phase IIb trial, using a variety of advertising tactics. The Company is currently behind its originally planned enrollment and now expects top line data to be available in the second half of 2009. 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 increase the r
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