ISELIN, N.J., Feb. 17, 2012 /PRNewswire/ -- Pharmos Corporation (OTC-PINK: PARS) today reported financial results for the fourth quarter and twelve-month period ended December 31, 2011. These results are included in the Company's Yearly Report on Form 10-K which has been filed with the SEC.
Fourth Quarter Ended December 31, 2011The Company recorded a net loss of $0.4 million, or $0.01 per share, for the fourth quarter 2011 compared to a net loss of $0.2 million, or $0.00 per share, in the fourth quarter 2010.
During the quarter, the Company paid for some preliminary administrative costs to prepare for the start of a proof-of-concept trial in Gout patients using Levotofisopam in January of 2012. In connection with this trial the Company also incurred consulting fees and costs for the completion of a non-human primate toxicology study. The Company continued to spend for G&A on a conservative basis.
Gross research and development expenses were $198,992 compared to $117,771 in 2010. The Company received a $244,479 cash grant in 2010 under the Federal Qualifying Therapeutic Discovery Project related to the Dextofisopam program and this was shown as a credit to gross R&D in 2010, resulting in a net R&D credit of $126,708. The majority of the increased spending in 2011 was for clinical study fees as the Company paid for preliminary administrative fees for the proof-of-concept Gout trial that commenced in January of 2012 at Duke University.
General and administrative expenses for the fourth quarter of 2011 decreased by $44,409, or 18%, from $251,593 in 2010 to $207,184 in 2011. The primary reductions were a $26,000 reduction in salaries and benefits and an $18,000 reduction in various other areas. The decrease in payroll costs in 2011 reflects lower stock compensation costs and the elimination of an administrative position in 2010. There was also a reduction of various facility related expenses.
|SOURCE Pharmos Corporation|
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