Navigation Links
Pharmos Corporation Reports 2010 Third Quarter Results
Date:10/27/2010

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 salaries and benefits offset by a reduction of an accrued marketing expense that was not paid in 2009.

Nine-months Ended September 30, 2010For the nine months ended September 30, 2010, Pharmos recorded a net loss of $1.4 million, or $0.02 per share compared to a net loss of $7.3 million, or $0.17 per share for the nine months ended September 30, 2009. Total operating expenses decreased 80% to $1.3 million from $6.6 million.

Research & development expenses decreased by $3,886,173 from $4,266,337 in 2009 to $380,164 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.

In the first nine months of 2010, in-process research and development costs which were related to the Vela milestone decreased by $1,180,000 from $1,180,000 in 2009 to $0 in 2010. The expense of the milestone of $1,180,000 was reflected in the 1Q 2009 results. The $1 million cash portion of the milestone expense was reversed in 4Q 2009 as the milestone criteria was ultimately not achieved.

General and administrative expenses for the first nine months of 2010 decreased by $166,123, or 15%, from $1,101,865 in 2009 to $935,742 in 2010. The primary reductions are in consultant and professional fees and various facility related expenses. This is offset by an increase in salaries and benefits, the majority of which results from higher stock compensation in 2010 and a non cash bonus reversal in 2009. Also an increase was incurred by a reduction of an accrued marketing expense that was not paid in 2009.

Other expense net, decreased by $715,036 from $791,774 in other expense in 2009 to $76,738 in other expense in 2010. The majority of this decrease is related to the conversion of debentures into equity resulting in an expense of $596,104 in 2009 and an $112,770 reduction in interest expense attributable to reduced debt outstanding in 2010.

About Pharmos CorporationPharmos discovers and develops novel therapeutics to treat a range of indications including specific diseases of the nervous system such as disorders of the brain-gut axis (IBS), pain/inflammation, and autoimmune disorders. The Company's lead product in development is Dextofisopam for the treatment of IBS which has been developed through Phase 2b clinical trials. The Company also has a proprietary technology platform focusing on discovery and development of synthetic cannabinoid compounds with a focus on CB2 receptor selective agonists. Various CB2-selective compounds from Pharmos' pipeline have completed preclinical studies targeting pain, multiple sclerosis, rheumatoid arthritis, inflammatory bowel disease and other disorders. These are available for licensing / partnering. www.pharmoscorp.com

Safe Harbor StatementStatements made in this press release related to the business outlook and future financial performance of Pharmos, to the prospective market penetration of its drug products, to the development and commercialization of its pipeline products and to its expectations in connection with any future event, condition, performance or other matter, are forward-looking and are made pursuant to the safe harbor provisions of the Securities Litigation Reform Act of 1995.  Such statements involve risks and uncertainties that may cause results to differ materially from those set forth in these statements. Additional economic, competitive, governmental, technological, marketing and other factors identified in Pharmos' filings with the Securities and Exchange Commission could affect such results.PHARMOS CORPORATIONCondensed Consolidated Statements of OperationsThree months endedSeptember 30,Nine months endedSeptember 30,2010200920102009ExpensesResearch and development

$  153,806$  1,047,260$  380,164$  4,266,337In-process research & development Vela milestone

---1,180,000General and administrative

295,936342,320935,7421,101,865Depreciation and amortization

3632,0301,0136,283Total operating expenses450,1051,391,6101,316,9196,554,485Loss from operations(450,105)(1,391,610)(1,316,919)(6,554,485)Other (expense) income Debt conversion expense

---(596,104)Interest income

5787761,2078,149Interest expense

(27,464)(29,607)(83,767)(196,537)Other income (expense)

6,6903,1345,822(7,282)Other expense, net(20,196)(25,697)(76,738)(791,774)Net loss$   (470,301)$(1,417,307)$  (1,393,657)$  (7,346,259)Net loss per share- basic and diluted

($0.01)($0.03)($0.02)($0.17)Weighted average shares outstanding- basic and diluted

58,699,21956,064,34058,438,55444,100,019Select Consolidated Balance Sheet DataSeptember 30, 2010

December 31, 2009Cash and short-term investments

$3,219,908

$4,629,486Working capital

$3,102,634

$4,238,033Shareholder's equity

$2,129,331

$3,271,891
'/>"/>

SOURCE Pharmos Corporation
Copyright©2010 PR Newswire.
All rights reserved

Related medicine technology :

1. Pharmos Announces Clinical Results from Phase 2a Trial of Topical Diclofenac NanoEmulsion Cream
2. Pharmos Issues Business Update on Dextofisopam Trial and Financing
3. Pharmos Corporation Reports 2009 Third Quarter Results
4. Pharmos Corporation Reports Fourth Quarter and Full Year 2009 Results
5. Genaera Corporation Presents Interim Phase 1 Data for Obesity Compound Trodusquemine (MSI-1436) at IBC Conference
6. CEL-SCI Corporation Releases Letter to Shareholders
7. Alfacell Corporation to Present at UBS Global Life Sciences Conference
8. Baxa Corporation Extends Global Reach With New Distribution Agreements in Colombia and the Dominican Republic
9. Genaera Corporation Presents Preclinical Trodusquemine (MSI-1436) Data at the North American Association for the Study of Obesity Annual Meeting
10. Genaera Corporation Presents Phase 1 Data for Trodusquemine (MSI-1436) at the North American Association for the Study of Obesity Annual Meeting
11. The Quigley Corporation Reports Third Quarter Results, Increases Investment in Pharmaceutical R&D for Diabetic Neuropathy
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:6/24/2016)... 24, 2016  Consumers have taken a more ... placed more emphasis on patient outcomes. ... in the pharmaceutical industry have evolved beyond just ... companies are focusing on becoming more patient-oriented across ... and services that improve health. ...
(Date:6/24/2016)... , June 24, 2016  Collagen Matrix, Inc., ... development and manufacturing of collagen and mineral based ... today that Bill Messer has joined ... to further leverage the growing portfolio of oral ... Bill joins the Collagen Matrix executive ...
(Date:6/24/2016)... SOUTH SAN FRANCISCO, Calif. , June 24, ... GBT ), a biopharmaceutical company developing novel ... with significant unmet needs, today announced the closing ... 6,400,000 shares of common stock, at the public ... the shares in the offering were offered by ...
Breaking Medicine Technology:
(Date:6/24/2016)... (PRWEB) , ... June 24, 2016 , ... ... DDS, and Randall Markarian, DDS, are co-chairs for the Illinois State Dental Society ... Friday-Saturday, July 15-16 at the Gateway Convention Center in Collinsville. , ...
(Date:6/23/2016)... ... June 23, 2016 , ... ... Foundation, a not-for-profit organization responsible for clinical transfusion research programs and for the ... the Pathogen Reduction Evaluation and Predictive Analytical Rating Score (PREPAReS) study. , ...
(Date:6/23/2016)... ... June 23, 2016 , ... SyncDog, Inc. ... mobile security software, is featured in the current issue of Silicon Review ... companies with innovative technology solutions and features them in their magazine. The magazine ...
(Date:6/23/2016)... Newark, NJ (PRWEB) , ... June 23, 2016 ... ... declared today’s Appellate Court ruling a victory for consumers seeking relief from the ... Div., Docket No. A2913-15T2 & A2929-15T2. , In their ruling ( ...
(Date:6/23/2016)... (PRWEB) , ... June 23, 2016 , ... A key ... DC area, which is one of the best known examples of areas that lack ... amassed almost a thousand daily users. , Any participant within the marijuana industry, ...
Breaking Medicine News(10 mins):