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.

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.

Pozen reported weaker first-quarter revenue this morning, as the Chapel Hill company waits for its pain medicines to increase in popularity among physicians and patients.

Larger partners GlaxoSmithKline and AstraZeneca are selling Pozen's Treximet migraine treatment and Vimovo arthritis pain reliever. Pozen receives royalties from the sales.

Vimovo won approval from the U.S. Food and Drug Administration a year ago, and AstraZeneca is running a major marketing campaign with ads in newspapers and national magazines such as Newsweek. But sales of the drug, a pain reliever that decreases the risk of gastric ulcers in arthritis patients, have been slow to start.

Pozen has filed another patent infringement lawsuit, as the Chapel Hill drug company fights to protect its portfolio of medicines from cheaper, copycat competitors.

Pozen and larger partner AstraZeneca filed the lawsuit in federal court in New Jersey, in an effort to block Dr. Reddy's Laboratories from selling a generic version of Vimovo.

Pozen and AstraZeneca won Food and Drug Administration approval to sell that drug as a treatment for arthritis pain a year ago. The companies contend the drug is protected by a patent that expires in 2023.

Last month, Dr. Reddy's notified the companies that it planned to seek FDA approval to market a generic version. Dr. Reddy's is one of India's biggest drug companies.

AstraZeneca Pharmaceuticals will pay North Carolina $2.4 million from AstraZeneca Pharmaceuticals to resolve allegations that it improperly marketed the drug Seroquel.

In all, the pharmaceutical company will pay $68.5 million to 37 states over the allegations — the largest ever consumer protection settlement involving a pharmaceutical company, trumping a 2008 settlement where Eli Lilly paid $62 million to resolve allegations about the drug Zyprexa.

A new arthritis pain medicine developed by a small Chapel Hill company is starting to get some major marketing.

The U.S. Food and Drug Administration approved Vimovo in late April. The drug was developed by researchers at Pozen, founded in 1996 by CEO John Plachetka, a former Glaxo executive.

Pozen's larger partner AstraZeneca, which is marketing Vimovo and will keep most of the drug's revenue, began promoting the drug in September.

That effort now includes advertising in print media, including a two-page ad in the News & Observer on Friday. AstraZeneca spokeswoman Sandra Heinig said she couldn't comment on specifics of the promotional efforts for competitive reasons but that the ads also are running in other newspapers.

Pozen reported weaker results and warned that it won't start key clinical trials of a new drug this year as expected.

The Chapel Hill company's net loss of $8.6 million during the third quarter was slightly worse than analysts had anticipated. Revenue, which includes royalties on sales of its Treximet migraine drug and Vimovo arthritis pain medicine, fell to $4.3 million.

Shares of Pozen rose today after European regulators approved the Chapel Hill company's arthritis pain treatment.

Pozen and partner AstraZeneca won U.S. approval for the Vimovo drug in April. Winning European Union approval allows the companies to sell the medicine in 23 new countries.

Pozen officials expect AstraZeneca will begin selling Vimovo in Europe early next year. "This is a very big step," said chief commercial officer Elizabeth Cermak.

Pozen reported stronger second-quarter sales and profit, boosted by its drugs to treat headaches and arthritis.

The Chapel Hill company received a $20 million payment from larger partner AstraZeneca after its Vimovo arthritis drug received regulatory approval on April 30. That payment, plus royalties from sales of its migraine drug Treximet, boosted quarterly results.

Today was a $20 million payday for Pozen.

The Chapel Hill drug company announced that it received a $20 million milestone payment from partner AstraZeneca. The money was tied to the Food and Drug Administration's approval of the companies' new arthritis medicine on April 30.

Next up is a $25 million payment for winning government approval in a major foreign market, which could happen later this year. Pozen also stands receive up to $260 million for achieving sales performance milestones.

The drug, known as Vimovo, is Pozen's second product approved for sale to patients. It also developed Treximet, a migraine drug sold by partner GlaxoSmithKline.

Pozen shares closed at $7.57, down 25 cents. The stock is down 37 percent since Vimovo won FDA approval. suggesting that Wall Street followed the adage of "buy on the rumor, sell on the news."