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

the Company's 2008 restructuring plans.

Other expense net, decreased by $58,162 from $83,859 in other expense in 2008 to $25,697 in other expense in 2009. The reduction is related to the decreased interest income of $42,285 from a decline in cash and cash equivalents offset by a $92,973 reduction in interest expense attributable to reduced debenture interest and a $7,474 decrease in translation gains and losses that were recorded at our Rehovot location. In the third quarter of 2009 the Company recorded $29,606 in interest expense related to the remaining of $1,000,000 in convertible debentures issued on January 3, 2008.

Nine-months Ended September 30, 2009

For the nine months ended September 30, 2009, Pharmos recorded a net loss of $7.3 million, or $0.16 per share compared to a net loss of $9.1 million, or $0.35 per share for the nine months ended September 30, 2008. Total operating expenses decreased 27% to $6.6 million from $9.0 million.

Research & development expenses decreased by $2,940,572 or 41% from $7,206,909 in 2008 to $4,266,337 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 $724,000 reduction in payroll, a $327,000 reduction in consultant and professional fees, a $1,547,000 reduction in clinical studies and $342,000 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 first nine months of 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 $3,946,000 were inc
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