A $15 million milestone payment from GlaxoSmithKline lifted Pozen to profitability for the first time in the second quarter, Pozen said Thursday.
Pozen (Nasdaq: POZN) reported net income of $11.3 million and earnings of 38 cents per share on revenues of $16.9 million. The company did not report any income one year ago.
The GSK payment was made after Pozen launched a Phase III trial of Trexima, a migraine drug it is working on with GSK.
Two other Pozen drugs, MT 100 and MT 300, have run into approval difficulties with the FDA. The FDA rejected MT 100 in May.
For the first six months of the year, Pozen reported $9 million in net revenue.
Pozen expects revenues of $1.9 million in the current quarter with the red ink returning. Expenses are estimated to range between $8.5-10.5 million,