Chapel Hill drug company Pozen reported a wider net loss in the first quarter as revenues totaled $1.3 million, down from $4.5 million in the first quarter of 2011.
That beat the consensus of three Wall Street analysts who cover the company, who had forecast $1.26 million.
Pozen reported a net loss of $8.4 million, or 28 cents per share, for the quarter, compared to $5.7 million, or 19 cents per share, during the same period a year ago.
The company attributed the larger loss to lower royalty payments from its Treximet, a migraine medication sold by GlaxoSmithKline. Most of Pozen's revenue comes from Treximet and its Vimovo arthritis pain reliever, sold by AstraZeneca.
Pozen also said in a statement that it continues to be optimistic about positive test results for the easier-to-stomach aspirin that it is developing.
The experimental drug, PA32540, combines aspirin and a gastrointestinal medicine. The drug is aimed at helping to prevent heart disease and stroke in patients who are susceptible to aspirin-induced ulcers.
The Food and Drug Administration has suggested Pozen also seek approval for a lower dose of the product.
Pozen shares, which opened Tuesday at $6.66, were down about 8 percent in early trading Tuesday. The stock is up 57 percent this year.