Pozen posts net loss for 2012

Mar. 06, 2013 @ 08:28 PM

Chapel Hill-based pharmaceutical company Pozen on Wednesday reported a net loss for 2012 of $25.3 million, down from a net income of $42.3 million in the prior year.

It reported revenues of $5.3 million in the year, which were down compared with the $87 million in revenues the company saw in 2011. The company sold last year most of its future royalty and milestone payments for U.S. sales of the drug Treximet that it was getting through a collaboration with Glaxo Group Limited.

Treximet is a migraine drug that Pozen developed and commercialized with a partner company, GlaxoSmithKline.

The company’s primary revenues in 2012 were from royalties on sales of another drug, Vimovo, according to a news release. In 2011, the company’s revenues were boosted by $71.9 million in net revenue from the sale of the Treximet royalty stream.

Pozen reported operating expenses of $30.9 million, down from $44.8 million in 2011. The company said the decrease was primarily a result of lower development and pre-commercialization costs for PA32540, an aspirin drug the company is developing to reduce gastro-intestinal ulcers and other complications for patients, compared with taking aspirin alone.

Although it said its costs were down for development of PA32540, the company reported higher costs for PA8140, a lower-dose version of the aspirin candidate.

Pozen said in the news release that it’s preparing a new drug application for PA32540 containing 325 mg of aspirin and PA8140, a low dose formulation containing 81 mg aspirin. The company said it still anticipates filing for both products no later than the second quarter.