Pozen cuts 3Q loss; shares nudge higher

bizjournals.com
Pozen cuts 3Q loss; shares nudge higher
Tuesday October 31, 5:09 pm ET

Pozen Inc. narrowed its losses in the 2006 third quarter, posting stronger revenue figures and topping Wall Street projections.

The Chapel Hill drug maker reported a net loss in the 2006 third quarter of nearly $4.1 million, or 14 cents per diluted share, compared to a loss of about $4.7 million, or 16 cents per diluted share, in the same period a year earlier.

Pozen reported third quarter revenue of $3.4 million in 2006, up more than 40 percent from the $2.4 million it posted in the 2005 third quarter.

Analysts polled by Thomson Financial projected, on average, a net loss of 18 cents per share on revenue of $3.08 million.

Pozen said it expects 2006 full-year revenue of between $13.5 million and $14.5 million, including between $4.7 million and $5.7 million for work performed under a contract with AstraZeneca announced earlier this year.

Shares of Pozen (Nasdaq: POZN - News) closed Tuesday at $16.63, up 2.28 percent from Monday's close.

Published October 31, 2006 by the Triangle Business Journal