Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Biotech / Medical : Pharmos (PARS) -- Ignore unavailable to you. Want to Upgrade?

To: yosi s who wrote (984)	1/27/2000 2:11:00 PM
From: Hope	Respond to of 1386

Pharmos Announces Record Quarterly Revenues in 1999 Fourth Quarter; Product Sales Increased 59% Over 1999 Third Quarter ISELIN, N.J., Jan. 27 /PRNewswire/ -- Pharmos Corporation (Nasdaq: PARS - news) announced today a record quarterly total of $1.3 million in unaudited product revenues in the fourth quarter ended December 31, 1999. Revenues in the 1999 fourth quarter grew 59% over the previous quarter and were more than six times higher than 1998 fourth quarter revenues. For the full year 1999, unaudited net product revenues reached $3.3 million, a substantial increase over the $1.2 million recorded in product revenues in 1998. Pharmos commenced generating revenue from product sales during the second quarter 1998. ``We are delighted with the sales performance of our products during the fourth quarter and, with positive sales and prescription trends continuing, we believe we are well positioned for solid performance in 2000,' said Dr. Gad Riesenfeld, Pharmos President and COO. ``Bausch & Lomb has invested significant marketing resources to increase product recognition and they are now working toward building on the momentum our products have generated.' Bausch & Lomb Pharmaceuticals, a division of Bausch & Lomb Incorporated (NYSE: BOL - news), is the Company's marketing partner for its ophthalmic products. Fourth quarter revenue growth resulted from a combination of market share increases and additional buying in anticipation of price increases on both Lotemax© and Alrex©. According to IMS Health data, Lotemax increased market share steadily during the fourth quarter, finishing with a 10.3% share of new prescriptions among ophthalmologists. Likewise, Alrex also increased its share of the anti-allergy market, taking 9.2% of new prescriptions among ophthalmologists. Comparatively, new prescription market shares among ophthalmologists at the end of 1998 were 4.3% and 5.2% for Lotemax and Alrex, respectively. Price increases on both products were announced during the 1999 fourth quarter. The Company expects to report its final fourth quarter and full year 1999 financial results by early March, after the completion of its external audit. Pharmos Corporation is a bio-pharmaceutical company that develops and commercializes products for the ophthalmic, central nervous system, neurological and other key healthcare markets. The Company has a diverse product pipeline that includes: marketed products with superior therapeutic indexes, and drug candidates with enhanced molecular structures (EMS) that display improved safety and/or efficacy properties compared to the parent molecules or to competing products. Statements made in this press release related to operational expectations and projections of the Company and to the continued market penetration of its drug products are forward-looking and are made pursuant to the safe harbor provisions of the Securities Litigation Reform Act of 1995. Such statements involve risks and uncertainties which may cause results to differ materially from those set forth in these statements. Additional economic, competitive, governmental, technological, marketing and other factors identified in Pharmos' filings with the Securities and Exchange Commission could affect such results.