Pozen says $20 million milestone payment contributes to profitability

By Lisa Kerner

Erie, Pa., March 1 - Pozen, Inc.'s product revenues increased by 24% to $28.6 million for the fiscal year ended Dec. 31, according to a company news release.

For the fourth quarter, product revenues increased tenfold to $22.2 million from $2.4 million for the fourth quarter of 2004.

The company attributed the year-over-year increase to amortization of upfront payments received for collaboration agreements for MT 300 and Trexima and a $20 million milestone payment from GlaxoSmithKline.

For 2006, Pozen predicted revenues in the range of $26 million to $30 million.

For the fourth quarter, Pozen reported net income of $16.1 million, or $0.54 per share on a diluted basis. That was up from the net loss of $8.4 million, or $0.29 per share, in the year-ago period.

For the full year, the company reported net income of $2.0 million, or $0.07 per share on a diluted basis, versus a net loss of $5.3 million, or $0.18 per share, in the prior year.

In 2005, Pozen said it began phase 2 studies for its injectable lornoxicam product candidate in acute pain and migraine. Also, the United Kingdom's Medicines and Healthcare Products Regulatory Agency issued a marketing authorization for MT 100 for the acute treatment of migraine.

Cash, cash equivalents and short-term investments totaled $45.8 million on Dec. 31, down from $51.8 million on Dec.31, 2004.

Pozen develops products for the treatment of acute and chronic pain, migraine and other pain-related conditions. The company is based in Chapel Hill, N.C.

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