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POZEN Forms an Irish Subsidiary and Enters into an Intangible Property Transfer ArrangementPOZEN Inc. (NASDAQ: POZN), a pharmaceutical company committed to developing medicine that transforms lives, today announced that it has formed POZEN Limited, a wholly owned Irish subsidiary and has entered in an Intangible Property Transfer Arrangement between POZEN Inc. and POZEN Limited. The company has been evaluating its strategic options since recovering the U.S. commercial rights on YOSPRALA in November 2014 and recently announced hiring Adrian Adams as Chief Executive Officer and Andrew Koven as President and Chief Business Officer to lead the strategic effort. In anticipation of the approval and commercialization of YOSPRALA, the potential for significant global business and commercial activities and the expected financial benefits arising therefrom, the company is developing a plan to expand its geographic footprint and increase its foreign presence, including potential international sales, manufacturing and product development. "We are planning to build a specialty pharmaceutical business at POZEN, by maximizing the value of YOSPRALA as a core asset upon its approval and by strategically growing the business through product and corporate development activities aimed to position POZEN for its next stage of growth," said Adrian Adams, Chief Executive Officer of POZEN Inc. "Our initial therapeutic focus will be in the cardiovascular space with a consideration for other product opportunities to broaden our overall portfolio and increase POZEN's geographic footprint." About POZEN POZEN Inc. is a small pharmaceutical company that specializes in developing novel therapeutics for unmet medical needs and licensing those products to other pharmaceutical companies for commercialization. By utilizing a unique in-source model and focusing on integrated therapies, POZEN has successfully developed and obtained FDA approval of two self-invented products. Funded by these milestones/royalty streams, POZEN has created a portfolio of cost-effective, evidence-based integrated aspirin therapies designed to enable the full power of aspirin by reducing its GI damage. The Company's common stock is traded under the symbol "POZN" on The NASDAQ Global Market. For more detailed company information, including cpies of this and other press releases, please visit www.pozen.com. About YOSPRALA POZEN has created a portfolio of investigational integrated aspirin therapies - the PA product platform. The products in the PA portfolio are being developed with the goal of significantly reducing GI ulcers and other GI complications compared to taking enteric-coated or plain aspirin alone. The first candidates are YOSPRALA 81/40, containing 81 mg of aspirin, and YOSPRALA 325/40, containing 325 mg of aspirin. Both products are a coordinated-delivery tablet combining immediate-release omeprazole (40 mg), a proton pump inhibitor, layered around a pH-sensitive coating of an aspirin core. This novel, patented product is intended for oral administration once a day and an indication is being sought for use for the secondary prevention of cardiovascular disease in patients at risk for aspirin-induced gastric ulcers. Forward-Looking Statements Statements included in this press release that are not historical in nature are "forward-looking statements" within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. You should be aware that our actual results, our ability to return value to our stockholders, including any cash distributions, and our future prospects could differ materially from those contained in the forward-looking statements, which are based on current market data and research (including third party and POZEN sponsored market studies and reports), management's current expectations and are subject to a number of risks and uncertainties, including, but not limited to, our inability to further license our YOSPRALA product candidates on terms and timing acceptable to us, our inability to build, acquire or contract with a sales force of sufficient scale for the commercialization of Yosprala in a timely and cost-effective manner, our failure to successfully commercialize our product candidates; costs and delays in the development and/or FDA approval of our product candidates, including as a result of the need to conduct additional studies or due to issues with third-party manufacturers, or the failure to obtain such approval of our product candidates for all expected indications, including as a result of changes in regulatory standards or the regulatory environment during the development period of any of our product candidates; uncertainties in clinical trial results or the timing of such trials, resulting in, among other things, an extension in the period over which we recognize deferred revenue or our failure to achieve milestones that would have provided us with revenue; our inability to maintain or enter into, and the risks resulting from our dependence upon, collaboration or contractual arrangements necessary for the development, manufacture, commercialization, marketing, sales and distribution of any products, including our dependence on AstraZeneca and Horizon for the sales and marketing of VIMOVO®, our dependence on Patheon for the manufacture of YOSPRALA 81/40 and YOSPRALA 325/40; competitive factors; our inability to protect our patents or proprietary rights and obtain necessary rights to third party patents and intellectual property to operate our business; our inability to operate our business without infringing the patents and proprietary rights of others; general economic conditions; the failure of any products to gain market acceptance; our inability to obtain any additional required financing; technological changes; government regulation; changes in industry practice; and one-time events, including those discussed herein and in our Annual Report on Form 10-Q for the period ended March 31, 2015. We do not intend to update any of these factors or to publicly announce the results of any revisions to these forward-looking statements. View source version on businesswire.com: http://www.businesswire.com/news/home/20150602005435/en/ |
