Recent and Second Quarter Events
- On July 27, Progenics and Salix announced that the FDA issued a Complete Response Letter (CRL) following its review of a supplemental New Drug Application for subcutaneous Relistor in adult patients with chronic, non-cancer pain. Salix has requested an End-of-Review meeting with the FDA to better understand the contents of the CRL.
- Second quarter 2012 Relistor global net sales increased 109% over second quarter 2011, and decreased 12% from the first quarter 2012. First half 2012 Relistor global net sales increased 173% over the same period in the prior year.
- The company presented at the American Society of Clinical Oncology (ASCO) 2012 meeting a summary of interim results from its phase 1 study of PSMA ADC.
Conference Call and Webcast
Progenics will review second quarter financial results in a conference call today at 8:30 a.m. EDT. To participate, please dial (877) 250-8889 (domestic) or (720) 545-0001 (international) and reference conference ID 14065121. A live webcast will be available on the Events section of the Progenics website, www.progenics.com , and a replay will be available on the website for two weeks.
- Financial Tables follow -
|PROGENICS PHARMACEUTICALS, INC.|
|CONSOLIDATED STATEMENTS OF OPERATIONS|
|(in thousands, except net (loss) income per share)|
|For the Three Months Ended June 30,||For the Six Months Ended June 30,|
|Royalty income||$ 1,619||$ 527||$ 3,453||$ 527|
|Research and development||7,957||13,302||18,866||32,481|
|License fees – research and development||110||88||150||452|
|General and administrative||4,025||4,952||7,746||10,149|
|Depreciation and amortization||300||525||772||1,061|
|Operating (loss) income||(10,734)||55,470||(23,835)||32,525|
|Total other income||14||16||29||34|
|Net (loss) income||$ (10,720)||$ 55,486||$ (23,806)||$ 32,559|
|Net (loss) income per share; basic||$ (0.32)||$ 1.66||$ (0.70)||$ 0.97|
|Weighted average shares outstanding; basic||33,798||33,510||33,779||33,397|
|Net (loss) income per share; diluted||$ (0.32)||$ 1.64||$ (0.70)||$ 0.97|
|Weighted average shares outstanding; diluted||33,798||33,787||33,779||33,567|
|CONDENSED CONSOLIDATED BALANCE SHEETS|
|June 30, 2012||December 31, 2011|
|Cash and cash equivalents||$ 47,820||$ 70,105|
|Auction rate securities||3,240||3,332|
|Fixed assets, net||3,915||4,038|
|Total assets||$ 58,332||$ 80,110|
|Liabilities||$ 5,097||$ 7,943|
|Total liabilities and stockholders' equity||$ 58,332||$ 80,110|