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news.US-based biopharmaceutical company Pharmos has reported a net loss of $1 million, or $0.04 per share, for the fourth quarter of 2008, compared to a net loss of $2.7 million, or $0.11 per share, in the fourth quarter of 2007.
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The decrease in net loss for the fourth quarter of 2008 is due primarily to a 45% decrease in operating expenses to $2.1 million from $3.9 million in the fourth quarter of 2007, the company said.
For the year ended December 31, 2008, Pharmos recorded a net loss of $10.1 million, or $0.39 per share, compared to a net loss of $15.6 million, or $0.61 per share, for the year ended December 31, 2007.
The company believes that the current cash and cash equivalents totaling $4.7 million as of December 31, 2008 will be sufficient to support the currently planned continuing operations through at least March 31, 2009.