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

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 4 employees at the end of September 2009. The decrease in consulting and professional fees in 2009 result from a decline in legal costs and a one time IRS section 382 tax analysis cost incurred in 2008. The decrease in the various costs result primarily from a reduction in facility related expenses. The increase in investor relations expenses is attributable to holding the annual meeting earlier in the year. The increase in 2009 miscellaneous expenses is the result of a 2008 gain on the disposal of fixed assets at our Rehovot facility as this event was classified as a reduction of overall expenses.

Depreciation and amortization expenses decreased by $83,231, or 93%, from $89,514 in 2008 to $6,283 in 2009. The decrease is due to fixed assets which have become fully depreciated and the disposition of various depreciable assets in conjunction with the Company's 2008 restructuring plans.

Other expense net, increased by $669,151 from $122,623 in other expense in 2008 to $791,774 in other expense in 2009. The majority of this increase is related to the conversion of debentures into equity resulting in an expense of $596,104 and from decreased interest income of $230,003 from a decline in cash and cash equivalents. We also recorded an increase in other expenses of $15,801 which is a net of translation losses on assets held in Israel due to currency translation fluctuations and other income which relates to Amino Labs. Finally we recorded a decrease in interest expense of $172,757 as the decrease is attributable to reduced debenture interest. In the first nine months of 2009 the Company recorded $196,536 in interest expense related to the issuance of $4,000,000 in convertible debentures issued on January 3, 2008.

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SOURCE Pharmos Corporation
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