A small Chapel Hill company developing a safer form of aspirin reported a bigger-than-expected net loss for the second quarter.
Pozen's loss of $6.4 million came as the company spends millions to develop aspirin for patients who are at risk of developing gastric ulcers. The company expects to seek Food and Drug Administration approval for the drug late next year.
Revenue for the second quarter fell to $4.6 million, which was also less than Wall Street analysts had expected.
Most of Pozen's revenue comes from its Treximet migraine medicine, which is sold by larger partner GlaxoSmithKline, and its Vimovo arthritis pain reliever, sold by AstraZeneca. Pozen receives royalties from the sales.
AstraZeneca sold $6.2 million of Vimovo tablets in the second quarter, as the company ran an advertising campaign in magazines and elsewhere. The drug also received approval in five European countries during the quarter.
The latest financial results were a sharply drop from a year earlier, when Pozen received large milestone payments from AstraZeneca tied to Vimovo winning U.S. regulatory approval.
Pozen shares fell 2 cents in midday trading to $4.51. The stock is down 44 percent in the past year.