Pozen (POZN): Another Microcap Biotech Falls Apart
Pozen (POZN) got the bad news that the FDA has "delayed approval of an experimental two-in-one migraine drug from GlaxoSmithKline (GSK)", according to Reuters. The drug, Trexima combines Glaxo’s popular migraine drug Imitrex with the older painkiller naproxen sodium. Pozen’s…
Pozen (POZN) got the bad news that the FDA has "delayed approval of an experimental two-in-one migraine drug from GlaxoSmithKline (GSK)", according to Reuters. The drug, Trexima combines Glaxo’s popular migraine drug Imitrex with the older painkiller naproxen sodium.
Pozen’s shares dropped 45% to $9.55. Its market cap is now $285 million, but over the last year, it has been as high as $500 million.
It is a frightening valuation for a company that is virtually a one-trick pony. In the last reported quarter, Pozen has revenue of $7.7 million and an operating loss of $2.9 million.
Even with the drop, the stock still seems high.
Douglas A. McIntyre
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Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.
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A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.
TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.
McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.
