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Pozen Inc. Reports Operating Results (10-Q)

April 29, 2010 | About:

10qk

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Pozen Inc. (POZN) filed Quarterly Report for the period ended 2010-03-31.

Pozen Inc. has a market cap of $326.7 million; its shares were traded at around $10.95 with and P/S ratio of 10.1. POZN is in the portfolios of Tom Russo of Gardner Russo & Gardner.

Highlight of Business Operations:

There follows a brief discussion of the status of the development of our product candidates, as well as the costs relating to our development activities. Our direct research and development expenses were $6.1 million for the three months ended March 31, 2009, and $3.4 million for the three months ended March 31, 2010. Our research and development expenses that are not direct development costs consist of personnel and other research and development departmental costs and are not allocated by product candidate. We generally do not maintain records that allocate our employees time by the projects on which they work and, therefore, are unable to identify costs related to the time that employees spend on research and development by product candidate. Total compensation and benefit costs for our personnel involved in research and development were $1.8 million for the three months ended March 31, 2009, and $1.2 million for the three months ended March 31, 2010. Total compensation for 2009 including a $0.4 million charge for non-cash compensation for stock option expense and a $0.3 million charge for non-cash compensation for stock option expense for 2010. Other research and development department costs were $0.1 million for the three months ended March 31, 2009, and $0.1 million for the three months ended March 31, 2010.

We incurred direct development costs associated with the development of MT 400 and Treximet programs of $31,000 for the three months ended March 31, 2010. We incurred total direct development costs of $26.0 million associated with the development of our MT 400 and Treximet programs. We recorded in the three months ended March 31, 2010, $3.8 million of Treximet royalty revenue, which is in accounts receivable at March 31, 2010. 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 $62,000 for the three months ended March 31, 2010, of which, $62,000 was funded by development revenue from AstraZeneca. We incurred total direct development cost of $95.8 million associated with the development of our PN program of which $57.0 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 expenses.

We incurred direct development costs associated with the development of our PA program of $3.2 million during the three months ended March 31, 2010. We incurred total direct development cost of $23.4 million associated with the development of our PA program. Our direct development costs do not include the cost of research and development personnel or any allocation of our overhead expenses.

Read the The complete Report

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10qk
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