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Pharmos Corporation Reports 2009 First Quarter Results
Date:5/12/2009

t that point, the Company's R&D expenses will significantly decrease, although the continued development of this compound through late-stage clinical testing will significantly increase the research and development expenses going forward. The Company's strategy is to license or partner this product for further development.

In process research and development costs relate to the Vela milestone of $1,180,000. On April 9, 2009 the last patients were enrolled in the Phase 2b trial thus triggering the following milestone: $1 million cash + 2 million shares of Pharmos common stock valued at $180,000. The expense of the milestone of $1,180,000 has been reflected in the 1Q 2009 results. The payment of the cash portion of the milestone has been deferred under an amendment to the acquisition agreement until such time as 1) the Company enters a collaboration or licensing agreement with a third party resulting in an upfront fee of at least $10 million, and 2) payment of a cash milestone would still leave the Company with at least one year's operating cash. If these conditions are not met, then the cash components of these milestones will not be paid. The 2 million shares will be issued on November 2, 2009 at the earliest.

General and administrative expenses for the first quarter of 2009 decreased by $462,175, or 58%, from $796,924 in 2008 to $334,749 in 2008. The decline reflects decreases in virtually every general and administrative expense category. The primary reductions include a $282,000 reduction in payroll, an $86,000 reduction in consultant and professional fees and a reduction in facility fees of $79,000. The decrease in payroll costs reflect the impact of the 2008 restructuring plans which have reduced the Company's head count from 18 employees in December 2007 to 5 employees at the end of December 2008 and also March 2009.

Other income (expense) net, decreased by $161,985 from $14,828 in other income in 2008
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