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Pharmos Corporation Reports First Quarter 2012 Results
Date:4/16/2012

ISELIN, N.J., April 16, 2012 /PRNewswire/ -- Pharmos Corporation (OTC-PINK: PARS) today reported financial results for the first quarter ended March 31, 2012. The Company recorded a net loss of $0.6 million, or $(0.01) per share, for the first quarter 2012 compared to a net loss of $0.6 million, or $(0.01) per share, in the first quarter 2011. 

The Company is currently conducting a clinical trial at the Duke Clinical Research Unit to evaluate levotofisopam as a treatment for gout. As of April 16, 2012, 13 patients have completed treatment. Serum urate concentration decreased in all patients, with a mean reduction of more than 45%. In addition, fractional excretion of urate increased, confirming the compound's mechanism of action as enhancing urate excretion. 

The Phase 2a trial is expected to be completed in May 2012 and the Company's strategy is to seek a partner for the further development of levotofisopam.

Research & development expenses for the first quarter increased by $8,880, or 3%, from $281,783 in 2011 to $290,663 in 2012. The primary areas include a $149,000 increase in clinical study fees which were offset by a $138,000 reduction in consultant and professional fees and a $2,000 reduction in various other areas. Clinical study fees increased as the clinical trial using levotofisopam to treat gout commenced in January 2012 and fees were incurred on completed patients. Consulting and professional fees have decreased as the Company filed the IND for the gout trial in 2011 while in 2012 there were normal expenses in this area.

General and administrative expenses for the first quarter of 2012 decreased by $34,288, or 12%, from $294,345 in 2011 to $260,057 in 2012. The primary reductions were a $15,000 reduction in consultant and professional fees, a $6,000 reduction in salaries and benefits and a $13,000 reduction in various other areas. Professional fees have decreased as there were reduced legal fees incur
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