Shares in Pozen (Nasdaq: POZN) surged Thursday in heavy trading after the company reported positive results from late-stage clinical trials for a proposed aspirin therapy.
In pre-market trading, shares jumped 21 percent to $5.80, up $1, in pre-market trading. In regular trading, the high for the day was $5.73.
Shares closed up 42 cents, or nearly 9 percent, on the day to close at $5.22.
The ardor for the stock cooled once markets opened. At 10 a.m., shares were up 66 cents, or 14 percent, at $5.46.
More than 5.7 million shares were traded. The daily average is only 91,328, according to Yahoo Finance. The 52-week range for the stock is from a low of $2.15 to a high of $6.39.
Pozen’s compounded is touted by some as “ulcer safe aspirin.”
The Chapel Hill firm reported early Thursday that its PA3250 compound met the primary endpoint of two Phase 3 clinical trials – reducing the incidence of gastric ulcers in patients taking aspirindaily in a dose of at least 325 miligrams.
Based on the results, Pozen said it planned to submit a New Drug Application to the FDA in the third quarter of this year.
Pozen is developing the compound on its own but is searching for a development partner.
“We are encouraged by the strength of the data and I commend the clinical team here at Pozen and all our associates for their dedication and hard work,” said John Plachetka, Pozen’s chairman and chief executive officer. “This information is essential to progress our PA32540 partnership discussions for the United States, and to allow us to continue to move forward with our preparations for a third quarter NDA submission for this product candidate.”
Pozen said the compound also met “key secondary endpoints” in the trials.
Changes in Board
In other news, in an SEC filing, Pozen disclosed that two of its board members are stepping down.
James Mauzey and Angela Larson were up for re-election at the company’s annual board meeting on June 7.