Pharmos Corp. (Nasdaq: PARS) published its financial report for the second quarter of 2008 Thursday evening. The drug development company narrowed its net loss to $2.7 million ($0.10 per share) from $4.6 million for the corresponding quarter.
Pharmos had $9 million in cash and cash equivalents totaled at the end of June, which it said would be enough through the end of the year. The company added that it was seeking additional capital, but that could be no assurance that it would succeed.
Pharmos's share fell 8.1% to $0.34 on Friday, giving a market cap of $8.7 million.
Pharmos attributed the narrowing of its net loss to a 46% cut in operating expenses to $2.6 million in the second quarter from $4.9 million in the corresponding quarter. This includes a 41% cut in its gross R&D spending to $2.1 million from $3.7 million.
Pharmos added that during the second quarter, it moved forward on the Phase IIb clinical trial of dextofisopam for irritable bowel syndrome in women. The company also initiated the Phase IIa clinical trial of its NanoEmulsion delivery technology for topical application of analgesic and anti-inflammatory drugs.
Published by Globes [online], Israel business news - www.globes-online.com - on August 10, 2008
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