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

ies 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.

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