Pozen reports wider loss
Published: Thu, May. 08, 2008 08:58AM
Modified Thu, May. 08, 2008 09:01AM
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closePozen, which won regulatory approval for its first product in April, reported a larger first-quarter net loss this morning.
The Chapel Hill company announced a net loss of $7.4 million, or 25 cents a share, for the first three months of the year. That was compared to a net loss of $2.1 million, or 7 cents a share, during the period last year.
Revenue was $7.8 million, up just slightly.
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But Pozen's financial health is expected to improve dramatically.
On April 15, the Food and Drug Administration approved its Treximet migraine treatment, which is expected to be in pharmacies as soon as next week. Pozen's partner, GlaxoSmithKline, will market the drug and make it at a plant in Zebulon.
The FDA approval also triggered a $20 million payment from GSK, which will help Pozen's second-quarter results. The company also is working with AstraZeneca on another pain medicine.
Pozen expects 2008 revenue of $62 million to $68 million, including $5 million to $9 million from Treximet royalties.
Pozen released its first-quarter report this morning before the stock market opened.
On Wednesday, Pozen shares closed at $14.26.
alan.wolf@newsobserver.com or (919) 829-4572
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