Chapel Hill, N.C. — Pozen Inc. (NASDAQ: POZN) said Wednesday that it had a net loss of $2.1 million, or 7 cents per share, for the first quarter of 2007, compared to a net loss of $6.4 million, or 22 cents per share, a year ago.
The pharmaceutical company reported revenue of $7.7 million in the latest quarter from the amortization of upfront payments received from AstraZeneca and GlaxoSmithKline and from development work performed under those agreements. Revenue for the first quarter of 2006 totaled $2.2 million.
Results from two pivotal efficacy studies for Trexima (sumatriptan/naproxen sodium), a headache remedy Pozen is developing, were published in the Journal of the American Medical Association in April, the company said. The studies demonstrated that Trexima provided superior headache relief at two hours and four hours compared to placebo and sustained pain-free results from two through 24 hours after dosing versus using sumatriptan or naproxen alone.
The FDA is expected to review Trexima by Aug. 1.
For the second quarter, Pozen expects total revenue of $11.7 million to $14.7 million, including $3.7 million from the amortization of upfront payments from AstraZeneca and GlaxoSmithKline and revenue of $8 million to $11 million for work performed under the AstraZeneca agreement. Total operating expenses are expected to $15 million to $18 million.
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