Drug developer Pozen Inc. said Thursday that its first-quarter loss more than tripled on higher operating expenses, though the loss was in-line with Wall Street estimates.
The company lost $7.3 million, or 25 cents per share, compared with a loss of $2.1 million, or 7 cents per share, in the year-ago period.
Revenue edged up 2 percent to $7.8 million from $7.6 million in the prior-year period.
Analysts surveyed by Thomson Financial expected a loss of 25 cents per share on revenue of $6.4 million.
Pozen said that operating expenses soared by more than 50 percent to $16 million from $10.5 million as a result of costs associated with its late-stage pain candidate PN 400, a combination of the pain reliever naproxen and the acid reflux drug Nexium. The company is partnered with AstraZeneca PLC, the manufacturer of Nexium, on the PN 400 program.
The first quarter also saw the approval of Pozen's migraine drug Treximet in April, which will be marketed by GlaxoSmithKline starting in mid-May. Pozen said it expects to start receiving royalties from Glaxo in the second quarter.
Shares of Pozen fell 5 cents to $14.21 in morning trading.
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