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POZEN Reports Fourth Quarter and Full-Year 2002 Results.
Business Editors/Health/Medical Writers
CHAPEL HILL, N.C.--(BUSINESS WIRE)--Jan. 30, 2003
POZEN Inc. (NASDAQ:POZN), a pharmaceutical development company with a portfolio of product candidates for the treatment of migraine, today announced results for the fourth quarter and year ended December 31, 2002.
Fourth-Quarter Results
POZEN is a development-stage company that did not record revenues for the fourth quarter of 2002 or 2001.
For the fourth quarter of 2002, the company reported operating expenses, excluding the non-cash amortization of deferred compensation, of $5.2 million compared to $7.6 million in the fourth quarter of 2001. The non-cash amortization of deferred compensation in connection with employee stock option grants was $710,000 and $771,000 for the 2002 and 2001 three-month periods, respectively. The 2002 fourth quarter decrease in operating expenses was due primarily to the decreased level of MT 100 and MT 300 development activities, partially offset by the 2002 fourth quarter U.S. Food and Drug Administration (FDA) user fee for filing the New Drug Application for MT 300.
POZEN's net loss attributable to common stockholders was $5.7 million, or $0.20 per common share, for the quarter ended December 31, 2002 compared to $8.0 million, or $0.28 per common share, for the 2001 quarter. At December 31, 2002, the company had approximately $50 million in cash and cash equivalents.
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Source: HighBeam Research, POZEN Reports Fourth Quarter and Full-Year 2002 Results.