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Pozen Inc. (POZN) filed Quarterly Report for the period ended 2011-09-30.
Pozen Inc. has a market cap of $75.4 million; its shares were traded at around $2.52 with and P/S ratio of 1.1.
This is the annual revenues and earnings per share of POZN over the last 10 years. For detailed 10-year financial data and charts, go to 10-Year Financials of POZN.
Highlight of Business Operations:
We have incurred significant losses since our inception and have not yet generated significant revenue from product sales. As of September 30, 2011, our accumulated deficit was approximately $136.1 million. We record revenue under the following categories: royalty revenues, licensing revenues and development revenues. Our licensing revenues include upfront payments upon contract signing, additional payments if and when certain milestones in the product s development or commercialization are reached, while the royalty payments based on product sales. Additionally, our development revenues include the billings for the direct costs and certain personnel-related time incurred in performing additional development activities described under our collaboration agreements. Our historical operating losses have resulted principally from our research and development activities, including clinical trial activities for our product candidates and sales, general and administrative expenses. Research and development expenses include salaries and benefits for personnel involved in our research and development activities and direct development costs, which include costs relating to the formulation and manufacturing of our product candidates, costs relating to preclinical studies, including toxicology studies, and clinical trials, and costs relating to compliance with regulatory requirements applicable to the development of our product candidates. Since inception, our research and development expenses have represented approximately 69% of our total operating expenses. For the nine months ended September 30, 2011, our research and development expenses represented approximately 56% of our total operating expenses.We incurred direct development costs associated with the development of MT 400 and Treximet programs of $45,800 for the nine months ended September 30, 2011. We incurred total direct development costs of $26.2 million associated with the development of our MT 400 and Treximet programs. We recorded in the nine months ended September 30, 2011, $12.2 million of Treximet royalty revenue, of which $4.1 million is in accounts receivable at September 30, 2011. Our direct development costs do not include the cost of research and development personnel or any allocation of our overhead expenses.
We incurred direct development costs associated with the development of our PN program of $7,000 for the nine months ended September 30, 2011. We incurred total direct development cost of $96.2 million associated with the development of our PN program of which $57.1 million was funded by development revenue from AstraZeneca. Our direct development costs do not include the cost of research and development personnel or any allocation of our overhead expense.
In September 2007, we agreed with AstraZeneca to amend our collaboration and license agreement effective as of September 6, 2007. Under the terms of the amendment, AstraZeneca has agreed to pay us up to $345.0 million, in the aggregate, in milestone payments upon the achievement of certain development, regulatory and sales events. In September 2007 we received a $10.0 million payment upon execution of the amendment and a $20.0 million payment in recognition of the achievement of the primary endpoints for the PN400-104 study, a study which compared acid suppression of different doses of VIMOVO (formerly PN 400), and achievement of the interim results of the PN200-301 study, a six month comparative trial of PN 200 as compared to EC naproxen in patients requiring chronic NSAID therapy, meeting mutually agreed success criteria. In May 2010, we received a $20.0 million payment for the NDA approval of VIMOVO. We also received an additional $25.0 million milestone in December 2010 when VIMOVO received approval (including pricing and reimbursement approval) in a major ex-U.S. market and up to $260.0 million will be paid as sales performance milestones if certain aggregate sales thresholds are achieved.
Revenue: We recognized total revenue of $14.0 million for the nine months ended September 30, 2011 as compared to total revenue of $39.5 million for the nine months ended September 30, 2010. The decrease in revenue was primarily due to a 2011 decrease in licensing revenue partially offset by a 2011 increase in royalty revenue. The decrease in 2011 licensing revenue was due to the 2010 receipt of a $20.0 million milestone payment, received from Astrazeneca for the FDA approval of VIMOVO, and $7.2 million in other licensing revenue, partially offset by a 2011 increase of $1.7 million royalty revenue, for the nine months ended September 30, 2011 compared to 2010. There was no other licensing and development revenues for the nine months ended September 30, 2011 compared to the same period of 2010.
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