The company increased R&D spending on clinical trials.
Drug development company Pharmos Corp. (Nasdaq: PARS) today published its financial report for the third quarter of 2007. The company posted a net loss of $3.5 million ($0.14 per share), down 17% from $4.2 million ($0.22 per share) for the corresponding quarter of 2006.
Pharmos attributed the narrowing of its net loss to a 21% drop in operating expenses to $3.7 million for the third quarter and the halving of administrative expenses to $1.2 million, even though R&D spending rose 16% to $2.7 million.
R&D expenditures for Pharmos' leading clinical program, dextofisopam for irritable bowel syndrome, which is undergoing Phase IIb clinical trials in the US, totaled $1.1 million for the quarter. The company also began a Phase IIb clinical trial for NanoEmulsion drug delivery technology for osteoarthritis.
Pharmos closed at $0.77 yesterday, giving a market cap of $19.7 million.
Published by Globes [online], Israel business news - www.globes.co.il - on October 31, 2007
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