Pozen Files Ipo Plans

BT Catalyst,  May, 2000  

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Pozen Inc. of Chapel Hill has filed a registration statement with the Securities and Exchange Commission announcing its intentions for an initial public offering to raise about $85 million.

The pharmaceutical development company hasn't yet specified the expected stock amount or individual price, but hopes to trade on the Nasdaq exchange under the ticker symbol "POZN."

Pozen will use the funds to build on a portfolio of products with commercial potential in select therapeutic areas. The first focus is four potential treatments for migraine headaches. The lead product candidate is MT 100, an oral therapy for the treatment of migraine.

The company completed one phase III clinical trial of MT 100 late last year, and intends to initiate three additional phase III clinical trials by the end of 2000.

In addition to the MT 100 trials, Pozen expects to begin two additional phase III or phase II clinical trials for two other migraine product candidates before the end of 2000.

Pozen estimates that global sales of prescription pharmaceuticals for migraine headaches will exceed $2 billion by 2001.

In addition to the potential migraine therapies, members of Pozen's management team have significant experience developing drugs for diseases of the gastrointestinal and respiratory tracts, and for oncology and infectious diseases. According to Pozen's SEC filing, the company intends to leverage its development expertise in these therapeutic areas to become a leading pharmaceutical development company.

The principal elements of Pozen' s strategy are to develop and commercialize the portfolio of migraine product candidates; build a product pipeline through innovation, in-licensing and acquisition; form collaborations for the commercialization of product candidates; and leverage its development effort through strategic outsourcing.

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