Operating expenses for the second quarter of 2013 totaled $5.7 million, as compared to $6.9 million for the comparable period in 2012. The decrease in operating expenses in the second quarter of 2013 was primarily a result of lower development and pre-commercialization costs for PA.
The Company reported a net loss of ($4.0) million, or ($0.13) loss per share for the second quarter of 2013, compared to a net loss of ($5.1) million, or ($0.17) per share, for the second quarter of 2012.
First Half Results
For the first half of 2012 and 2013, POZEN reported revenue of $3.1 million. Revenue in 2012 included $2.6 million of VIMOVO royalty and $0.5 million of licensing revenue for MT400. Revenue in 2013 was comprised of only VIMOVO royalty.Operating expenses for the first half of 2013 totaled $12.9 million, as compared to $16.7 million for the comparable period in 2012. The decrease in operating expenses in the first half of 2013 was primarily a result of lower development and pre-commercialization costs for PA. The Company reported a net loss of ($9.8) million, or ($0.32) loss per share for the first half of 2013, compared to a net loss of ($13.5) million, or ($0.45) per share, for the first half of 2012. Balance Sheet At June 30, 2013, cash and cash equivalents totaled $76.9 million. 2013 Strategic Focus The Company’s areas of strategic focus for 2013 remain: securing a commercial partnership(s) for its PA products, completing the PA regulatory submission(s) in the U.S. and potentially one or more other regions of the world, and controlling expenses. The Company is estimating a net cash burn of less than $22 million in 2013, excluding proceeds from any PA deals. Second Quarter Results Webcast POZEN will host a webcast to present second quarter 2013 results and management’s outlook on Tuesday, August 6, 2013 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 small pharmaceutical company that specializes in developing novel therapeutics for unmet medical needs and licensing those products to other pharmaceutical companies for commercialization. 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 milestones/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.
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