POZEN Slips To Loss In Q3; Prepares For Launch Of Yosprala In 2016 - Quick Facts

(RTTNews) - POZEN Inc. (POZN) reported a loss for the third quarter on lower revenues and higher operating expenses. The specialty pharmaceutical company also said it remains on track to close the merger transaction with Tribute Pharmaceuticals Canada Inc. (TRX.V) in December 2015.

Further, the company said it is preparing for the launch of Yosprala in 2016 pending FDA approval, and is currently seeking product and M&A opportunities in other specialty areas in the U.S. and Canada and which are completely aligned with its stated aggressive growth strategy to drive stockholder value.

The company's net loss attributable to common stockholders for the third quarter was $8.15 million or $0.25 per share, compared to net income of $6.75 million or $0.20 per share in the prior year period.

Total operating expenses for the quarter rose to $14.01 million from $3.63 million in the same period last year. The increase in operating expenses was primarily a result of Yosprala-related pre-commercialization costs of $2.4 million, in addition to new employee costs and G&A discrete costs.

Total revenue for the quarter declined to $5.82 million from $7.54 million in the comparable quarter last year, that $5.5 million of royalties and $2.0 million of amortization of the upfront fee for licensing of Yosprala.