Progenics 1Q Loss Narrows; Cuts Staff And Spending

TARRYTOWN, N.Y. (AP) — Biopharmaceutical company Progenics Pharmaceuticals Inc. said late Monday its first-quarter loss narrowed on a mix of higher revenue and lower development costs as it also cut jobs.

The company lost $1.8 million, or 6 cents per share, compared with a loss of $15.5 million, or 52 cents per share, in the prior-year period. Revenue rose 42 percent to $20.9 million from $14.8 million in the year-ago period.

Analysts polled by Thomson Reuters expected a loss of 29 cents per share on revenue of $15.7 million.

The revenue boost came mainly from a payment by Japanese partner Ono Pharmaceutical, which is collaborating on the opioid-induced constipation treatment Relistor. Wyeth is also a partner on Relistor.

Expenses fell 27 percent to $23.5 million on lower costs for Relistor activities and manufacturing for drug candidate PRO 140.

Since the start of the year, the company cut 10 percent of its staff, leaving it with 224 employees. It also cut salary increases for senior management, reduced bonuses and retirement benefit contributions for all employees and cut spending on capital programs and consultants.

Shares of Progenics rose 53 cents, or 9 percent, to reach $6.19 in premarket trading Tuesday. The stock closed at $5.66 Monday.