Pozen Cuts 3Q Loss on Contract Revenue
AP
Pozen Cuts 3Q Loss on Contract Revenue
Tuesday October 31, 10:29 am ET
Pozen Gets a Boost From Teaming With AstraZeneca, Third-Quarter Loss Narrows
CHAPEL HILL, N.C. (AP) -- Pain treatment developer Pozen Inc. said Tuesday its third-quarter loss narrowed as revenue jumped from funding through a collaboration with AstraZeneca.
The development-stage company lost $4.1 million, or 14 cents per share, compared with a loss of $4.7 million, or 16 cents per share, a year ago. Analysts polled by Thomson Financial expected a loss of 18 cents per share.
Revenue jumped 43 percent to $3.4 million from $2.4 million a year ago. Analysts expected revenue of $3.1 million.
Regulators approved a collaboration agreement between AstraZeneca and Pozen in August and Pozen received a $40 million upfront payment from the company in late September. The companies are working together to develop and commercialize a drug to treat pain and inflammation associated with ostreoarthritis and rheumatoid arthritis in patients at risk for developing medication-related ulcers.
The company had cash and cash equivalents of $66.6 million as of Sept. 30, boosted by the AstraZeneca payment.
Pozen sees fourth-quarter revenue to range from $7 million to $8 million, with $3 million to $4 million coming from AstraZeneca work. Analysts expect revenue of $6.6 million.
For the full year, the company forecast revenue between $13.5 million and $14.5 million -- $4.7 million to $5.7 million from AstraZeneca -- while analysts look for sales of $14.6 million.
Shares of Pozen lost 7 cents at $16.19 in morning trading on the Nasdaq, while American depository shares of AstraZeneca fell 63 cents to $59.20 on the New York Stock Exchange.
Pozen Cuts 3Q Loss on Contract Revenue
Tuesday October 31, 10:29 am ET
Pozen Gets a Boost From Teaming With AstraZeneca, Third-Quarter Loss Narrows
CHAPEL HILL, N.C. (AP) -- Pain treatment developer Pozen Inc. said Tuesday its third-quarter loss narrowed as revenue jumped from funding through a collaboration with AstraZeneca.
The development-stage company lost $4.1 million, or 14 cents per share, compared with a loss of $4.7 million, or 16 cents per share, a year ago. Analysts polled by Thomson Financial expected a loss of 18 cents per share.
Revenue jumped 43 percent to $3.4 million from $2.4 million a year ago. Analysts expected revenue of $3.1 million.
Regulators approved a collaboration agreement between AstraZeneca and Pozen in August and Pozen received a $40 million upfront payment from the company in late September. The companies are working together to develop and commercialize a drug to treat pain and inflammation associated with ostreoarthritis and rheumatoid arthritis in patients at risk for developing medication-related ulcers.
The company had cash and cash equivalents of $66.6 million as of Sept. 30, boosted by the AstraZeneca payment.
Pozen sees fourth-quarter revenue to range from $7 million to $8 million, with $3 million to $4 million coming from AstraZeneca work. Analysts expect revenue of $6.6 million.
For the full year, the company forecast revenue between $13.5 million and $14.5 million -- $4.7 million to $5.7 million from AstraZeneca -- while analysts look for sales of $14.6 million.
Shares of Pozen lost 7 cents at $16.19 in morning trading on the Nasdaq, while American depository shares of AstraZeneca fell 63 cents to $59.20 on the New York Stock Exchange.
posted by B at 7:45 PM
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