Pharmaceuticals company Pharmos (Nasdaq: PARS) reported a net loss of $18.5 million, or $0.27 per share, for 2003, compared with a net loss of $17 million, or $0.30 per share, in 2002.
The company still has no revenue. Operating expenses in 2003 decreased 5% to $16 million from $16.9 million in 2002. Research and development expenses fell 6% in 2003 to $11 million, primarily due to the absence of regulatory-related professional and consulting expenses that were recorded in 2002. Pharmos said that the lowered professional and consulting expenses offset rising costs in connection with the company's clinical operations, in particular its Phase III trial of severe traumatic brain injury drug dexanabinol.
Pharmos had cash and cash equivalents totaling $65.5 million at the end of 2003. This includes net proceeds from a share offering that closed on December 19, 2003.
For the fourth quarter of 2003, Pharmos reported a net loss of $5.5 million, or $0.07 per share, compared with a net loss of $3 million, or $.06 per share, for the same period in 2002, an increase of 66%. The company attributed this in part to the restoration of salary cuts made earlier in the year.
"During 2003 Pharmos gained visibility among the investment community as we achieved several important goals, resulting in a greatly improved cash position and a more robust market valuation," said chairman and CEO Haim Aviv.
Pharmos shares fell 1.72% on Nasdaq yesterday to $4.58, giving the company a market cap of $389 million.
Published by Globes [online] - www.globes.co.il - on March 4, 2004