Pharmos reports net loss of $4.2 million for the quarter

By Lisa Kerner

Charlotte, N.C., Nov. 6 - Pharmos Corp. said its net loss increased to $4.2 million, or $0.22 per share, for the third quarter ended Sept. 30 from $3.3 million, or $0.17 per share, for the third quarter of 2005.

The company attributed the increase in part to a 27% growth in operating expenses, which rose to $4.7 million for the quarter from $3.7 million for the prior-year period. Operating expenses included a 57% increase in general administrative expenses to $2.7 million.

Pharmos' gross research and development costs increased 7% to $2.3 million for the third quarter from $2.2 million for the third quarter of 2005.

Cash and short-term investments at the end of the quarter totaled $35.3 million.

The company's primary focus during the third quarter was the acquisition of Vela Pharmaceuticals Inc., which added later-stage clinical drug candidates to Pharmos' pipeline, according to a company news release.

For the nine months ended Sept. 30, Pharmos had a net loss of $11.3 million, or $0.60 per share.

The company reported an increase in year-to-date operating expenses to $12.8 million. General and administrative costs for the nine-month period rose to $7.0 million, up $1.8 million from the prior-year period due to the Vela acquisition. Research and development expenses were also up at $7.2 million.

Pharmos is a Iselin, N.J.-based biopharmaceutical company focused on neurological and inflammatory disorders.

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