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Pharmos Corporation Reports 2009 Second Quarter Results
Date:8/12/2009

ISELIN, N.J., Aug. 12 /PRNewswire-FirstCall/ -- Pharmos Corporation (Pink Sheets: PARS) today reported financial results for the second quarter and six-month period ended June 30, 2009.

Second Quarter Ended June 30, 2009

The Company recorded a net loss of $2.3 million, or $0.05 per share, for the second quarter 2009 compared to a net loss of $2.7 million, or $0.10 per share, in the second quarter 2008. Cash and cash equivalents totaled $2.9 million at June 30, 2009.

The decrease in net loss for the second quarter 2009 is due primarily to a 38% decrease in operating expenses to $1.6 million from $2.6 million in the second quarter 2008. The decline in operating expenses resulted from a 43% decrease in net research and development expenses to $1.2 million compared to $2.1 million in the second quarter 2008. Also general and administrative expenses decreased 6% in the second quarter 2009. Finally these reductions were offset by a $0.6 million expense recorded which was related to the conversion of debentures into equity.

Research & development expenses decreased by $925,136 or 43% from $2,129,793 in 2008 to $1,204,657 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 $264,000 reduction in payroll, a $61,000 reduction in consultant and professional fees, a $495,000 reduction in clinical studies and $105,000 reduction in various other areas. The decrease in these costs, reflect the closing of the Rehovot facility effective October 31, 2008 and the fact that the Dextofisopam trial is nearing completion.

In the quarter ended June 30, 2009, the Company advanced a Phase IIb trial of its
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SOURCE Pharmos Corporation
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