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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