Pozen reports $4.1 million net loss for third quarter, revenue up to $3.4 million

By Lisa Kerner

Charlotte, N.C., Oct. 31 - Pozen Inc.'s third-quarter 2006 financial results included a net loss of $4.1 million, or $0.14 per share, compared with a net loss of $4.7 million, or $0.16 per share, for the prior-year period.

The company's quarterly revenue was up at $3.4 million from $2.4 million for the third quarter ended Sept. 30, 2005.

Operating expenses for the third quarter rose slightly to $7.9 million from $7.4 million for the same period in 2005.

The company had cash, cash equivalents and short-term investments totaling $66.6 million at Sept. 30, compared with $45.8 million at Dec. 31, 2005.

For the nine months ended Sept. 30, Pozen reported a net loss of $18.9 million, or $0.65 per share, revenue of $6.5 million and operating expenses of $26.8 million.

Company highlights include signing a global collaboration agreement with AstraZeneca that included a $40 million upfront payment to Pozen.

Pozen expects total revenue in the fourth quarter to be in the range of $7 million to $8 million, including revenue of $3 million to $4 million for work performed under the AstraZeneca agreement.

For 2006, the company anticipates total revenue to be in the range of $13.5 million to $14.5 million, with total operating expenses in the range of $35 million to $36 million.

Pozen is a pharmaceutical company based in Chapel Hill, N.C.

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