Pozen Inc. (POZN.O: Quote, Profile, Research), which develops drugs to treat acute and chronic pain, said on Tuesday it has settled a class-action lawsuit filed against the company and its chief executive officer, Dr. John Plachetka.

Pozen said all claims against the company and Plachetka will be dropped without admission of wrongdoing by any party.

The settlement agreement, which remains subject to court approval, will be funded with proceeds from the company's directors and officers' liability insurance.

About POZEN

POZEN is a pharmaceutical company committed to developing therapeutic advancements for diseases with unmet medical needs where it can improve efficacy, safety, and/or patient convenience. POZEN's efforts are focused primarily on the development of pharmaceutical products for the treatment of acute and chronic pain and other pain-related conditions. POZEN has development and commercialization alliances with GlaxoSmithKline for the proposed product candidate Trexima combining sumatriptan, formulated with RT Technology, and naproxen sodium in a single tablet for the acute treatment of migraine, which is currently under review by the United States Food and Drug Administration, and with AstraZeneca for proprietary fixed dose combinations of naproxen with the proton pump inhibitor esomeprazole magnesium in a single tablet for conditions such as osteoarthritis and rheumatoid arthritis in patients who are at risk for developing NSAID-associated gastric ulcers. The company's common stock is traded on The Nasdaq Stock Market under the symbol "POZN". For detailed company information, including copies of this and other press releases, see POZEN's website: www.pozen.com.