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Pharmos Corporation Reports 2008 Third Quarter Results
Date:11/6/2008

esearch and development expenses going forward.

A Phase 2a clinical trial with the Company's NanoEmulsion delivery technology for topical application of analgesic and anti-inflammatory agents commenced in June 2007 targeting 126 patients. Top line results are expected in the fourth quarter of 2008.

General and administrative expenses for the third quarter of 2008 decreased by 64%, from $1.2 million in 2007 to $0.4 million. The decline reflects decreases in virtually every general and administrative expense category. The primary reductions include a $468,000 reduction in payroll, a $93,000 reduction in consultant and professional fees and a $93,000 reduction in BOD fees. The decrease in payroll costs reflect the impact of the third and fourth quarter 2007 restructuring plans which have reduced the Company's head count from 51 employees in March 2007 to 11 employees at the end of September 2008. The decrease in consulting and professional fees in 2008 result from a decline in legal costs and investor relation costs, and a one time IRS section 382 tax analysis cost incurred in 2007. The decrease in the BOD meeting costs result from board members receiving Company common stock in lieu of cash payments.

For the first nine months ended September 30, 2008, Pharmos recorded a net loss of $9.1 million, or $0.35 per share compared to a net loss of $12.9 million, or $0.51 per share for the nine months ended September 30, 2007. Total operating expenses decreased 35% to $9.0 million from $13.7 million. Gross research and development expenses decreased 22% to $7.2 million from $9.3 million for the nine months ended September 30, 2007 primarily related to the Company's focus of cash resources on the Dextofisopam Phase 2b trial and the downsizing and curtailment of general research and development programs. Also a 66% decrease in general and administrative expenses to $1.7 million from $5.0 million due to the decrease in consulting and professional fees in 2008
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