Pharmos Corporation Reports 2009 First Quart... ( ISELIN N.J. May 12 /- Pharmos Corpora...)

Pharmos Corporation Reports 2009 First Quarter Results

Date:5/12/2009

ISELIN, N.J., May 12 /PRNewswire-FirstCall/ -- Pharmos Corporation (Pink Sheets: PARS) today reported results for the first quarter ended March 31, 2009. The Company recorded a net loss of $3.7 million, or $0.14 per share, for the first quarter 2009 compared to a net loss of $3.6 million, or $0.14 per share, in the first quarter 2008. Cash and short-term investments totaled $2.9 million at March 31, 2009.

The slight increase in net loss for the first quarter 2009 vs. first quarter 2008 is due to in process research and development costs which were related to a milestone payment of $1.2 million to the former Vela shareholders. These expenses were offset by a 28% decrease in research & development expenses and a 58% decrease in general and administrative expenses.

Research & development expenses decreased by $763,814 or 28% from $2,778,234 in 2008 to $2,014,420 in 2009, related to the Company's primary focus of cash resources on the Dextofisopam Phase 2b trial and the downsizing and curtailment of general research and development programs. The decline reflects decreases in virtually every research and development expense category. The primary reductions include a $285,000 reduction in payroll, a $157,000 reduction in consultant and professional fees, a $195,000 reduction in clinical studies and $127,000 reduction in various other areas. The decline in expenses primarily reflects the closing of the Rehovot facility.

In the quarter ended March 31, 2009, the Company advanced a Phase IIb trial of its lead compound, dextofisopam, in female IBS patients. The Phase IIb trial was fully enrolled on April 9, 2009 at 324 patients. Costs of $1,884,000 were incurred during the quarter in connection with the trial, comprising CRO-related activities and patient recruitment costs. All patients in the trial are expected to complete treatment by mid 2009 and top line clinical data is expected in early September 2009. A
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