LAWFUEL – The Legal Newswire – MINNEAPOLIS, Aug. 20, 2007 — 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
-0-
CONTACT: Charles H. Johnson & Associates
Neal Eisenbraun, Esq.
(651) 633-5685
