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

t the current cash and cash equivalents, totaling $1.3 million as of September 30, 2009, will be sufficient to support the Company's currently planned continuing operations at least through December 31, 2009. The Company is working on securing cash resources to extend operations beyond December 31, 2009. Cowen and Company have been retained as advisors to help accelerate the process of a partnership arrangement for our lead compound, Dextofisopam. Additionally any proceeds for the sale of the New Jersey NOL's are expected to extend operations beyond December 31, 2009. The Company's expected cash expenditures in the last quarter of 2009 will be less than the first three quarters of 2009 as the Dextofisopam Phase 2b trial completed patient treatment in July and statistical analysis was completed in September 2009. The majority of ongoing costs will be general and administrative which will be significantly less than funding a clinical trial. The Company routinely pursues various funding options, including additional equity offerings, equity-like financing, strategic corporate alliances, business combinations and the establishment of product related research and development limited partnerships, to obtain additional financing to continue the development of its products and bring them to commercial markets. On April 21, 2009, the Company completed a private placement of common stock and warrants. At the closing, the Company issued 18,000,000 shares of common stock and warrants exercisable for an additional 18,000,000 shares of common stock for an aggregate purchase price of $1,800,000. The exercise price of the warrants, which have a five-year term, is $0.12 per share. The details of the financing, made by existing investors and current board members, are described in Note 2 to the financial statements. This financing would also support additional efforts to negotiate a strategic partnership or license arrangement with a pharmaceutical company. This is consistent wit
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