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Pharmos Corporation Reports 2011 Fourth Quarter and Full Year Results
Date:2/17/2012

31, 2011, the Company had approximately $1.5 million in cash and cash equivalents which is expected to be sufficient to fund current operations, through at least June of 2012 including the Gout trial.

Twelve-months Ended December 31, 2011For the twelve months ended December 31, 2011, Pharmos recorded a net loss of $2.0 million, or $0.03 per share compared to a net loss of $1.5 million, or $0.03 per share for the twelve months ended December 31, 2010.  

During the year, the Company conducted work in preparation for initiating a proof-of-concept trial in Gout patients using Levotofisopam and also incurred costs related to manufacturing capsules needed for this trial. Additionally, costs were incurred related to conducting a non-human primate toxicology study. At the end of 2011, the Company paid for some preliminary administrative costs for the start of the Gout trial in 2012. On a G&A basis the Company was able to reduce the overall spending in comparison to 2010.

Net Research & development (R&D) expenses increased by $617,136 or 244% from $253,456 in 2010 to $870,592 in 2011 due to the addition of research and development activities on a proof-of-concept trial in Gout patients using Levotofisopam. The increase was reflected in virtually every research and development category. The primary additions include an $112,000 increase in professional fees and consulting and a $355,000 increase in clinical fees which was offset by a reduction of $94,000 in various facility related expenses. The Company received a $244,000 cash grant in 2010 under the Federal Qualifying Therapeutic Discovery Project for work completed on Dextofisopam in 2009. Consulting and professional fees increased substantially as the Company conducted work in preparation for initiating a proof-of-concept trial in Gout patients using Levotofisopam in the first half of the year.
Clinical study fees increased due to costs related to manufacturing capsules needed
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SOURCE Pharmos Corporation
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