Arnie,
Maybe you missed the news on sales of their products. It wasn't great but if they continue with these type of % increases it will get there soon.
Steve
Pharmos Corporation Reports Revenue Growth for Ophthalmic Products; Lotemax(R) and Alrex(TM) Show Market Share Increase in Fourth Quarter
PR Newswire - February 17, 1999 09:05
ISELIN, N.J., Feb. 17 /PRNewswire/ -- Pharmos Corporation (Nasdaq: PARS) announced today that product revenues recorded during the fourth quarter reached $204,000, a 125% increase over revenues during the third quarter. For 1998, Pharmos' net product revenues were $1,188,000. Revenues from sales of Lotemax(R) accounted for approximately 56% of net product revenues, the balance generated from sales of Alrex(TM).
According to IMS Health data, prescription trends during the fourth quarter posted positive gains. Lotemax prescriptions during the fourth quarter grew 50% over the third quarter while Alrex prescriptions during the same period increased 21%, despite an overall decline in prescription writing for ophthalmic allergy products during the fourth quarter. Approximately 100,000 prescriptions for Lotemax and Alrex were written in 1998.
Market share among ophthalmologists also increased during the quarter. At the end of December, Lotemax attained a market share for new prescriptions of approximately 4.3%, while Alrex reached 5.2%.
"We are very pleased with the performance of our two products," noted Pharmos President and Chief Operating Officer, Gad Riesenfeld, Ph.D. "Revenue and prescription trends are encouraging and feedback from the doctors continues to be excellent. We are working with Bausch & Lomb Pharmaceuticals to continue the roll-out of our ophthalmic product line globally."
Robert W. Cook, Vice President -- Finance and Chief Financial Officer, added: "Alrex and Lotemax are becoming important revenue generators for Pharmos. With the expected 2000 approval of our third ophthalmic product, LE-T, which is now in its final pivotal clinical trial, we will have a product pipeline capable of supporting Pharmos' development."
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