MINNEAPOLIS, Aug. 20, 2007 (PRIME NEWSWIRE) -- Charles H. Johnson & Associates announces that a class action has been commenced in the United States District Court for the Middle District of North Carolina on behalf of purchasers of POZEN, Inc. ("POZEN" or the "Company") (Nasdaq:POZN) publicly traded securities during the period July 31, 2006 through August 1, 2007 (the "Class Period").
If you are a member of the proposed Class, you may move the Court to appoint you to serve as lead plaintiff for the Class on or before October 9, 2007. You do not need to be a lead plaintiff in order to share in any recovery obtained.
The Complaint alleges that POZEN made misrepresentations concerning its lead product, Trexima, a combination of sumatriptan and naproxen sodium. POZEN was developing Trexima pursuant to an agreement with GlaxoSmithKline. The Company first sought regulatory approval of Trexima in August of 2005. That request was delayed in June 2006 when regulators asked for more safety information on the drug's effect on the heart. On July 31, 2006, Defendants announced they had reached an agreement with regulators requiring only that POZEN gather and produce study data Defendants said they and GlaxoSmithKline already had, which would satisfy regulator's limited concerns about Trexima's cardiovascular safety.
On August 2, 2007, Defendants announced that regulators would again delay approval of Trexima, now requiring that POZEN address potential safety implications indicated by the same preclinical data POZEN provided the regulators; data in which increased tumor/cancer risk was seen when naproxen sodium and sumatriptan were combined. Defendants also disclosed that their July 2006 agreement with regulators also required additional clinical data/testing on Trexima's effect on blood pressure. On this news, POZEN shares, which traded above $19 in recent days, fell to below $10 per share.
If you purchased POZEN, Inc. securities during the Class Period, or have any questions concerning this notice or your rights with respect to this matter, please contact:
Neal Eisenbraun, Esq. (cjohnsonlaw@gmail.com) Charles H. Johnson & Associates 2599 Mississippi Street New Brighton, MN 55112 (651) 633-5685