ISELIN, N.J., Oct. 27 /PRNewswire-FirstCall/ -- Pharmos Corporation (Pink Sheets: PARS) today reported financial results for the third quarter and nine-month period ended September 30, 2010. These results are included in the Company's Quarterly Report on Form 10-Q which has been filed with the SEC.
During the quarter the Company kept expenses to a minimum level while pursuing potential partners for Dextofisopam, its drug for irritable bowel syndrome diarrhea predominant patients. The Company believes that a Phase 2c trial will be the next step in this compound's development and continues a dialog with potential partners and other sources of capital for that trial. Pharmos is also exploring the potential of S-Tofisopam, an isomer of racemic tofisopam, in several indications in which it has shown signals of activity in prior clinical trials or preclinical models.
Third Quarter Ended September 30, 2010The Company recorded a net loss of $0.5 million, or $0.01 per share, for the third quarter 2010 compared to a net loss of $1.4 million, or $0.03 per share, in the third quarter 2009. Total operating expenses decreased 68% to $0.5 million from $1.4 million. The Company believes that the current cash and cash equivalents, totaling $3.2 million as of September 30, 2010, will be sufficient to support our currently planned continuing operations through at least December 31, 2011.
Research & development expenses decreased by $893,454 from $1,047,260 in 2009 to $153,806 in 2010, related to the Company's completion of the Dextofisopam Phase 2b trial and the downsizing and curtailment of general research and development programs.
General and administrative expenses for the third quarter of 2010 decreased by $46,384 from $342,320 in 2009 to $295,936 in 2010. The primary reductions are in consultant and professional fees, various facility related expenses and salar
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