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Pharmos Corporation Reports 2011 Second Quarter Results
Date:8/8/2011

ISELIN, N.J., Aug. 8, 2011 /PRNewswire/ -- Pharmos Corporation (OTC-PINK: PARS) today reported financial results for the second quarter and six-month period ended June 30, 2011. These results are included in the Company's Quarterly Report on Form 10-Q which has been filed with the SEC.

Second Quarter Ended June 30, 2011The Company recorded a net loss of $0.5 million, or $0.01 per share, for the second quarter 2011 compared to a net loss of $0.4 million, or $0.01 per share, in the second quarter 2010.  

During the quarter, the Company submitted an Investigational New Drug (IND) application to the FDA and received clearance to conduct human clinical trials, subject to first confirming the safety of the dose planned to be used in a proof-of-concept study in Gout patients. To confirm the safety of the planned dose, the Company is currently conducting a non-human primate toxicology study. Upon successful completion of the preclinical trial, the Company plans to conduct a proof-of concept clinical trial in the US in gout patients using Levotofisopam. This trial follows two ex-US Phase 1 clinical studies that were completed by Vela Pharmaceuticals (merged with Pharmos in October 2006). In these studies, conducted in healthy volunteers in the United Kingdom and The Netherlands, Levotofisopam treatment was generally well tolerated and was associated with a large and rapid reduction in mean uric acid values.

Research & development expenses for the second quarter increased by $111,108 or 108% from $103,362 in 2010 to $214,470 in 2011. The primary areas include a $72,000 increase in clinical study fees and a $52,000 increase in consultant and professional fees which were offset by a $13,000 reduction in various other areas. 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. Clinical study fees increased due to cost
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SOURCE Pharmos Corporation
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