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Pharmos Corporation Reports 2009 Third Quarter Results
Date:11/12/2009

ISELIN, N.J., Nov. 12 /PRNewswire-FirstCall/ -- Pharmos Corporation (Pink Sheets: PARS) today reported financial results for the third quarter and nine-month period ended September 30, 2009.

Third Quarter Ended September 30, 2009

The Company recorded a net loss of $1.4 million, or $0.02 per share, for the third quarter 2009 compared to a net loss of $2.8 million, or $0.11 per share, in the third quarter 2008. Cash and cash equivalents totaled $1.3 million at September 30, 2009.

The decrease in net loss for the third quarter 2009 is due primarily to a 50% decrease in operating expenses to $1.4 million from $2.8 million in the third quarter 2008. The decline in operating expenses resulted from a 54% decrease in net research and development expenses to $1.1 million compared to $2.3 million in the third quarter 2008. Also general and administrative expenses decreased 22% in the third quarter 2009.

Research & development expenses decreased by $1,251,622 or 54% from $2,298,882 in 2008 to $1,047,260 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 $175,000 reduction in payroll, a $109,000 reduction in consultant and professional fees, an $858,000 reduction in clinical studies and $110,000 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 complete.

In the quarter ended September 30, 2009, the Company completed a Phase 2b trial of its lead compound, Dextofisopam, in female IBS patients. The Phase 2b trial was fully enrolled on April 9, 2009 at 324 patients. Costs of $971,000 were incurred during the quarter in connect
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SOURCE Pharmos Corporation
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