Chapel Hill drugmaker Pozen announced this morning that it has applied for marketing approval of its experimental treatment for arthritis.
The company said that is has submitted a new drug application for Vimovo, previously known as PN 400, to the Food and Drug Administration.
The FDA’s acceptance of the filing will trigger a $10 million milestone payment from pharmaceutical company AstraZeneca, which has licensed the marketing rights to Vimovo.
Cowen and Co. analyst Ian Sanderson projects Vimovo sales could reach $250 million in the U.S. market and $425 million worldwide by 2013.
If it wins FDA approval, Vimovo would be Pozen’s second product. Its migraine drug Treximet is being marketed by GlaxoSmithKline.