Record Quarterly VIMOVO® Sales Generate $5.4 Million Royalty
POZEN reported net income of $3.0 million for the second quarter and, based upon current projections, expects to be profitable for the year.
Royalty revenue from VIMOVO® (naproxen / esomeprazole magnesium) for Q2 2014 was $5.4 million, an increase of $0.9 million over the prior quarter and $3.8 million over Q2 of 2013.
POZEN announced that the resubmission of the New Drug Application (NDA) for PA8140/PA32540 was submitted to the U.S. Food and Drug Administration (FDA), and has been accepted for review. The FDA indicated the NDA would be treated as a Class 2 resubmission with a new user fee goal date of December 30, 2014.
POZEN remains committed to controlling expenses and recorded an expense reduction of $1.2 million compared to Q2 2013. As part of the expense control, the Company has reduced its R&D staff and other costs and will continue to reduce costs not required to support the ongoing business activities.