nice growth
Pharmos Reports 65% Sales Growth in 2000 Second Quarter; Quarterly Loss Reduced 14% vs. 1999 Second Quarter
ISELIN, N.J., July 31 /PRNewswire/ -- Pharmos Corporation (Nasdaq: PARS - news; Easdaq: PHRM) reported today a 65% increase in its revenues in the second quarter ended June 30, 2000 to $1,414,837 from $858,834 in the prior year second quarter. Revenues were driven by increased sales of the Company's ophthalmic products, Lotemax® and Alrex®, reflecting gains in market share and additional wholesale stocking resulting from a promotional program. Revenues for the six months ended June 30, 2000 grew approximately 75% to $2,078,417 from $1,191,211 in the prior year period.
``We are very pleased with our top-line performance and look forward to continued growth,'' said Haim Aviv, Ph.D., Pharmos' Chairman and CEO. ``The growing revenue stream distinguishes Pharmos from its peers and will be an important source of funding for our increased R&D activities connected with the dexanabinol development program.''
Increased confidence by ophthalmologists and successful marketing efforts by Bausch & Lomb Pharmaceuticals were key drivers behind the growth of Lotemax® and Alrex®, which compete in the ophthalmic anti-inflammatory and anti-allergy markets, respectively. According to IMS Health statistics, Lotemax® is the number-one dispensed branded ophthalmic steroid in new prescriptions. During June 2000, Lotemax® captured an 11.0% share of new prescriptions by ophthalmologists, while Alrex® attained a 9.1% share of its market. Comparatively, market shares for Lotemax® and Alrex® were 6.3% and 8.5%, respectively, at the end of June 1999. Bausch & Lomb Pharmaceuticals, a division of Bausch & Lomb Incorporated, is the Company's marketing partner for the products.
The Company's net loss in the second quarter ended June 30, 2000 decreased 14% to $849,932 compared to a net loss of $993,599 in the prior year second quarter. The strong revenue growth in the quarter offset a 25% increase in operating expenses caused primarily by higher general and administrative expenses and research and development costs. R&D costs increased primarily as a result of a higher level of activity on the Company's dexanabinol analog program and increased expenses relating to its development of dexanabinol for severe traumatic brain injury. General and administrative expenses increased due to higher staff expenses and increased investor relations activity.
Net loss for the six months ended June 30, 2000 was $2,745,076, or $0.05 per share compared to a net loss of $2,358,183, or $0.06 per share in the prior year period. Increased general and administrative expenses and research and development costs account for the increase in net loss in the six-month period. |
