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POZEN Reports Third Quarter 2014 Results
Reports Net Income of
POZENreported net income of $6.8 millionfor the third quarter, including $2.8 millionof other income, comprised primarily of value attributable to a warrant to purchase 500,000 shares of Pernix Therapeutics Holdings, Inc.( Pernix) common stock. The Company continues to manage expenses and expects to be profitable and cash flow positive for the year.
Q3 is the third consecutive profitable quarter and the second
consecutive quarter of positive cash flow. Year-to-date profit is
$12.7 millionin 2014 compared to a year-to-date loss of $(14.5) millionin 2013.
Total Q3 revenue increased nearly three-fold to
$7.5 millionfrom $2.6 millionin Q3 2013, including U.S. and ex-U.S. VIMOVO® (naproxen / esomeprazole magnesium) royalties for Q3 of 2014 of $5.5 million, an increase of $0.1 millionover the prior quarter and $4.0 millionover Q3 of 2013.
Q3 expenses decreased >50% to
$3.6 million, vs $7.4 millionin Q3 2013.
As part of its acquisition of Treximet® (sumatriptan
/ naproxen sodium) ) related intellectual property from
Pernixgranted POZENa warrant to purchase 500,000 shares of Pernixcommon stock at an exercise price of $4.28. The value of the warrant was recorded as other income in Q3 and totaled $2.4 millionat September 30, 2014. Previous restrictions on POZEN’s right to develop and commercialize additional certain dosage forms of sumatriptan / naproxen combinations outside of the United Statesand use of the approved U.S. New Drug Application have been eliminated, as of the closing of Pernix’s transaction with GSK.
Third Quarter Results
For the third quarter of 2014,
Operating expenses for the third quarter of 2014 totaled
The Company recorded other income in Q3 2014 of
The Company reported net income of
Nine Month Results
For the first nine months of 2014,
Operating expenses for the first nine months of 2014 totaled
The Company reported net income of
The Company continues to execute its strategic plan which includes
Third Quarter Results Webcast
The Company's common stock is traded under the symbol “POZN” on The
The first candidates are PA8140, containing 81 mg of aspirin, and PA32540, containing 325 mg of aspirin. Both products are a coordinated-delivery tablet combining immediate-release omeprazole (40 mg), a proton pump inhibitor, layered around a pH-sensitive coating of an aspirin core. This novel, patented product is intended for oral administration once a day and an indication is being sought for use for the secondary prevention of cardiovascular disease in patients at risk for aspirin-induced gastric ulcers.
VIMOVO® (naproxen / esomeprazole magnesium) is a fixed-dose combination of delayed-release enteric-coated naproxen, a non-steroidal anti-inflammatory drug (NSAID), and immediate-release esomeprazole, a stomach acid-reducing proton pump inhibitor (PPI), approved for the relief of signs and symptoms of osteoarthritis, rheumatoid arthritis, and ankylosing spondylitis, and to decrease the risk of developing gastric ulcers in patients at risk of developing NSAID-associated gastric ulcers.VIMOVO is not recommended for use in children younger than 18 years of age. VIMOVO is not recommended for initial treatment of acute pain because the absorption of naproxen is delayed compared to absorption from other naproxen-containing products. Controlled studies do not extend beyond 6 months.VIMOVO should be used at the lowest dose and for the shortest amount of time as directed by your health care provider.
For Full Prescribing Information see www.vimovo.com.
Treximet® (sumatriptan / naproxen sodium) was approved
For Full Prescribing Information see www.treximet.com.
Statements included in this press release that are not historical in
nature are “forward-looking statements” within the meaning of the “safe
harbor” provisions of the Private Securities Litigation Reform Act of
1995. You should be aware that our actual results, our ability to return
value to our stockholders, including any cash distributions, and our
future prospects could differ materially from those contained in the
forward-looking statements, which are based on current market data and
research (including third party and
Statements of Operations
Three Months Ended
Nine Months Ended
|Selling, general and administrative||2,573,958||5,182,501||7,897,698||12,529,577|
|Research and development||1,054,218||2,181,689||4,808,488||7,706,975|
|Total operating expenses||3,628,176||7,364,190||12,706,186||20,236,552|
|Interest and other income, net||2,840,604||13,997||2,854,781||54,431|
|Net income / (loss) attributable to common stockholders||$||6,752,169||$||(4,767,193||)||$||12,656,318||$||(14,533,121||)|
|Basic net income / (loss) per common share||$||0.21||$||(0.16||)||$||0.41||$||(0.48||)|
|Shares used in computing basic net income / (loss) per common share||31,589,192||30,476,562||31,118,572||30,405,543|
|Diluted net income / (loss) per common share||$||0.20||$||(0.16||)||$||0.39||$||(0.48||)|
|Shares used in computing diluted net income / (loss) per common share||32,949,779||30,476,562||32,614,051||30,405,543|
|September 30,||December 31,|
|Cash and cash equivalents||$||35,940,197||$||32,827,732|
|Investment in warrants||2,449,021||―|
|Prepaid expenses and other current assets||1,096,103||794,665|
|Total current assets||45,025,062||35,295,397|
|Equipment, net of accumulated depreciation||29,430||38,979|
|LIABILITIES AND STOCKHOLDERS' EQUITY|
|Total current liabilities||7,264,453||17,545,651|
|Total stockholders’ equity||37,790,039||17,788,725|
|Total liabilities and stockholders’ equity||$||45,054,492||$||35,334,376|
Bill Hodges, 919-913-1030
Chief Financial Officer
Stephanie Bonestell, 919-913-1030
Manager, Investor Relations & Public Relations