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Court rules in favor of Pozen in patent case

Tags: .biz | patents | Pozen | Treximet

A U.S. appeals court in Texas has ruled in favor of Pozen in a patent infringement case involving the Chapel Hill company's Treximet migraine drug.

The ruling by the U.S. District Court for the Eastern District of Texas reaffirmed a lower court's ruling that generic versions of the drug would infringe on several patents.

Pozen had sued to prevent Par Pharmaceutical and Dr. Reddy's Laboratories from manufacturing the drug.

GlaxoSmithKline licensed the rights to Treximet from Pozen in 2003 and has marketed the drug since its approval by federal regulators in 2008.

Most of Pozen's revenue comes from Treximet and its Vimovo arthritis pain reliever, sold by AstraZeneca.

Pozen reported a net loss of $8.4 million, or 28 cents per share, in the first quarter, compared with $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 Treximet.

Pozen is also developing an easier-to-stomach aspirin that 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.

Pozen revenues drop in first quarter but still beat Wall Street estimates

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.

Pozen's revenues and net income up after $71.9 million royalty payment

Chapel Hill drug company Pozen's reported this morning that its revenue more than doubled in the fourth quarter thanks to a royalty payment for the U.S. rights to its experimental migraine drug.

The company had revenue of $73 million for the quarter, up from $29 million during the same period in 2010. Nearly all of that was from royalty payments the company received for the U.S. rights to Treximet.

In November, Pozen announced it had sold those rights to CPPIB Credit Investments, a Canadian investment firm fir $75 million, which netted the company proceeds of $71.9 million.

Pozen's net income for the quarter was $61.5 million, or $2.04 per share, compared to net income of $18.4, or 61 cents per share, during the fourth quarter of 2010.

That beat the $1.98 per share that was the consensus among the two analysts who cover the company.

Pozen stock up sharply after company sells future royalty payments for $75 million

Chapel Hill drug company Pozen's stock is up 40 percent in early trading today on news that the company has sold the U.S. royalty rights to one of its drugs for $75 million.

Pozen announced in a regulatory filing Wednesday that it has an agreement to sell the rights to MT 400, an experimental migraine drug, to CPPIB Credit Investments, a Canadian investment firm.

Pozen previously licensed the U.S. rights to MT 400 to GlaxoSmithKline, which markets a different dose of the drug as Treximet.
 

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