Navigation Links
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 incurred.  The decrease in payroll costs in 2012 reflects lower stock based compensation.  There was also a reduction of various facility related expenses as the Company continued to reduce and manage overhead.

At March 31, 2012, the Company had approximately $1.0 million in cash and cash equivalents which is expected to be sufficient to fund current operations, through at least July of 2012 including the gout trial.

About Pharmos Corporation Pharmos discovers and develops novel therapeutics to treat a range of metabolic and nervous system disorders, including gout, disorders of the brain-gut axis (e.g., Irritable Bowel Syndrome), pain/inflammation, and autoimmune disorders.  The Company's lead products are the two enantiomers of tofisopam. S-tofisopam (levotofisopam) is being investigated for the treatment of gout. R-tofisopam (dextofisopam) has been developed through Phase 2b for the treatment of IBS. There is a large unmet need for therapeutic alternatives for the treatment of IBS, a chronic and often debilitating condition affecting roughly 10-15% of U.S. adults, primarily women. Pharmos is seeking partnerships to further develop dextofisopam for IBS and to advance the development of levotofisopam for gout. The Company also has a proprietary technology platform centering on discovery and development of synthetic cannabinoid compounds, with a focus on CB2 receptor-selective agonists. Various CB2-selective compounds from Pharmos's pipeline have successfully completed preclinical studies targeting pain, multiple sclerosis, rheumatoid arthritis, inflammatory bowel disease, and other disorders.  These compounds are available for licensing/partnering.

Safe Harbor StatementStatements made in this press release related to the business outlook and future financial performance of Pharmos, to the prospective market penetration of its drug products, to the development and commercialization of its pipeline products and to its expectations in connection with any future event, condition, performance or other matter, are forward-looking and are made pursuant to the safe harbor provisions of the Securities Litigation Reform Act of 1995. Such statements involve risks and uncertainties that may cause results to differ materially from those set forth in these statements. Additional economic, competitive, governmental, technological, marketing and other factors identified in Pharmos' filings with the Securities and Exchange Commission could affect such results.PHARMOS CORPORATION(Unaudited)Consolidated Statements of OperationsThree months endedMarch 31,20122011Expenses$
290,663$
281,783Research and developmentGeneral and administrative260,057294,345Depreciation and amortization616626Total operating expenses551,336576,754Loss from operations(551,336)(576,754)Other (expense) incomeInterest income3196Interest expense(25,000)(26,469)Other expense(24,969)(26,373)Net loss($576,305)($603,127)Net loss per share- basic and diluted($0.01)($0.01)Weighted average shares outstanding- basic and diluted59,589,75658,994,984 Select Consolidated Balance Sheet DataMarch 31, 2012

December 31, 2011Cash and cash equivalents

$1,016,483

$1,535,137Working capital

($192,676)

$296,654Shareholders' equity

($188,799)

$301,147 


'/>"/>

SOURCE Pharmos Corporation
Copyright©2010 PR Newswire.
All rights reserved

Related medicine technology :

1. Pharmos Announces Clinical Results from Phase 2a Trial of Topical Diclofenac NanoEmulsion Cream
2. Pharmos Issues Business Update on Dextofisopam Trial and Financing
3. Pharmos Corporation Reports 2009 Third Quarter Results
4. Pharmos Corporation Reports Fourth Quarter and Full Year 2009 Results
5. Pharmos Corporation Reports 2010 Third Quarter Results
6. Pharmos Corporation Reports 2011 Second Quarter Results
7. Pharmos Corporation Reports 2011 Fourth Quarter and Full Year Results
8. Genaera Corporation Presents Interim Phase 1 Data for Obesity Compound Trodusquemine (MSI-1436) at IBC Conference
9. CEL-SCI Corporation Releases Letter to Shareholders
10. Alfacell Corporation to Present at UBS Global Life Sciences Conference
11. Baxa Corporation Extends Global Reach With New Distribution Agreements in Colombia and the Dominican Republic
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:5/6/2017)... , May 5, 2017   Provista , a proven ... than 200,000 customers, today announced Jim Cunniff as ... of executive and business experience to Provista, including most recently ... in California . He assumed his new ... is a great fit for Provista," says Jody Hatcher ...
(Date:5/4/2017)... Tenn. , May 4, 2017  A ... Infection Control, Ultraviolet-C light as a ... Tru-D SmartUVC,s ability to reduce bioburden on anesthesia ... bioburden reduction on high-touch, complex medical equipment surfaces ... surgical infections. "This study further validates ...
(Date:5/4/2017)... May 4, 2017  A new tight-tolerance microextrusion ... other highly-engineered materials, is being launched by Natvar, ... been developed in recent years to service a ... surgical applications. More expensive materials such as glass ... tubing due to their ability to consistently hold ...
Breaking Medicine Technology:
(Date:5/26/2017)... ... , ... Amir Qureshi, MD is the first physician in Arkansas to implant ... The Nuvectra™ Algovita SCS System has been FDA approved as a treatment option for ... to introduce the most powerful SCS system and the only stretchable lead on the ...
(Date:5/26/2017)... ... May 26, 2017 , ... A new analysis of community health data ... are located in the Midwest. With the average cost of healthcare rising and the ... with both the quality and affordability of where they live. An annual 2017 report ...
(Date:5/26/2017)... ... May 26, 2017 , ... via seating is proud to ... task chair specifically designed for clinical areas. Genie Copper Mesh is a crossover ... Cupron® to provide customers with a game changing chair that is affordably priced,” ...
(Date:5/26/2017)... ... ... After raising nearly $30,000 on Kickstarter , about three-times its original campaign ... crowdfunding price on Indiegogo . , “Along with creating an anti-stress gadget to ... fidget toy to the market that was made of superior quality and wouldn’t break ...
(Date:5/26/2017)... (PRWEB) , ... May 26, 2017 , ... Silver Birch ... community, which is located on more than four acres of land at 5620 Sohl ... , The 103,000 square-foot building includes 125 studio and one-bedroom apartments. Each of ...
Breaking Medicine News(10 mins):