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POZEN Reports Third Quarter 2012 Financial Results And Positive PA32540 Clinical Updates

The PA32540 gastrointestinal data were presented at the American College of Gastroenterology (ACG) 2012 Annual Scientific Meeting in Las Vegas on October 22, 2012. The Poster conclusions were:

  • PA32540 was associated with significantly less endoscopic injury in the gastric, duodenal and esophageal mucosa compared with EC-ASA (325 mg) alone.
  • The lower incidence of upper GI injury and heartburn/dyspeptic symptoms are likely due to the immediate-release omeprazole component of PA32540.
  • Together these data suggest that ensured delivery of a proton pump inhibitor may provide improved opportunities for maintaining long-term secondary cardiovascular ASA therapy.

Of note, at ACG, POZEN received two awards for the GI Poster, being distinguished as a Presidential Poster and honored with the Auxiliary Award. The Presidential Poster Award acknowledges the most highly ranked Abstracts selected for the Poster sessions in each category, and the ACG Auxiliary Award recognizes the primary authors of the two best papers presented at the meeting, which was expected to have a total of more than 1,600 posters this year. For more detailed study results, please consult the complete ACG poster, available at www.pozen.com.

The PA32540 cardiovascular data were presented at the American Heart Association (AHA) Scientific Sessions 2012 in Los Angeles on November 6, 2012. The Poster conclusions were:
  • PA32540 was associated with significantly fewer endoscopic gastric ulcers compared with EC-ASA (325 mg).
  • PA32540 was associated with a significantly lower rate of treatment discontinuation than EC-ASA (325 mg) in a secondary cardiovascular prevention population.
  • The baseline cardiovascular (CV) history and incidence and nature of adjudicated CV events were similar. The overall observed adjudicated CV event rate was low (2.1% in 6 months) relative to that reported by the Antithrombotic Trialists’ Collaboration on secondary prevention trials with aspirin (6.7% per year).

For more detailed study results, please consult the complete AHA poster, available at www.pozen.com.

Third Quarter Financial Results

For the third quarter of 2012, POZEN reported revenue of $0.9 million, comprised of VIMOVO royalty from AstraZeneca. For the third quarter of 2011, the Company reported total revenue of $4.9 million, resulting from royalty on sales of Treximet of $4.1 million, and $0.8 million from royalty on sales of VIMOVO. POZEN sold most of the future royalty and milestone payments under its collaboration and license agreement with Glaxo Group Limited, part of the GlaxoSmithKline group of companies (GSK), covering Treximet sales in the United States to a financial investor in November 2011.

Operating expenses for the third quarter of 2012 totaled $6.7 million, as compared to $12.0 million for the comparable period in 2011. The decrease in operating expenses in the third quarter of 2012 was primarily a result of the completion of the PA32540 pivotal studies.

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