Roth Capital starts Pozen at buy

Roth Capital Partners has initiated coverage of Pozen (NASDAQ:POZN) with a “buy” rating, saying that it considers the valuation of the shares at current levels to be “attractive,” with a risk weighted, sum-of-the-parts valuation at approximately $10 a share. The shares were changing at $7 on Wednesday morning.

Based on top-line Phase 3 data announced March 22, “it appears Pozen has a solid chance to successfully develop a safer, less gastroerosive version of aspirin, which is widely considered in cardiovascular protection and pain relief,” writes analyst Robert Hazlett.

Pozen plans to file its patent-protected aspirin/omeprazole combination with FDA later this year, with Mr. Hazlett expecting approval of the therapy in 2013.

The company is seeking a marketing partner for the program, and is committed to finding one this year, which “we believe is possible,” he added. “We fully expect this aspirin-related franchise to evolve into an over-the counter brand over time.”