The Company reported a net loss of $(8.4) million, or $(0.28) per share on a diluted basis, for the first quarter of 2012, compared to net loss of $(5.7) million, or $(0.19) per share on a diluted basis, for the first quarter of 2011. The higher loss is mainly a result of lower royalty revenue subsequent to the prior year monetization of the Treximet royalty.
At March 31, 2012, cash, cash equivalents and short-term investments totaled $100.8 million. Cash and short-term investments were $119.6 million at December 31, 2011. The 2012 decrease was a result of an early January payment for the late December purchase of $5.8 million of short-term investments, payment of cash expenses, payment of accrued compensation costs of $2.2 million, payment of accrued contract costs of $2.0 million for the PA32540 studies, and a reduction in accounts payable of $1.4 million. The Company had an accounts receivable balance of $1.3 million from AstraZeneca at March 31, 2012.
Financial OutlookIn light of our recent discussions with the FDA regarding the NDA for PA32540, we are re-evaluating our financial outlook for the year, which we will update when we complete our assessment. First Quarter Results Webcast POZEN will host a webcast to present first quarter 2012 results and management’s outlook on Tuesday, May 1, 2012 at 11:00 a.m. (ET). The webcast can be accessed live and will be available for replay at www.pozen.com. About POZEN POZEN Inc. is a progressive pharmaceutical company that is transforming how the healthcare industry addresses unmet medical needs. By utilizing a unique in-source model and focusing on integrated therapies, POZEN has successfully developed and obtained FDA approval of two self-invented products in two years. Funded by these milestone/royalty streams, POZEN is now creating a portfolio of cost-effective, evidence based integrated aspirin therapies designed to enable the full power of aspirin by reducing its GI damage.