Progenics Pharmaceuticals Announces Second Quarter 2012 Financial Results

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 [phone] (domestic) or [phone] (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
(unaudited)
(in thousands, except net (loss) income per share)
	For the Three Months Ended June 30,		For the Six Months Ended June 30,
	2012	2011	2012	2011
Revenues:
Royalty income	$ 1,619	$ 527	$ 3,453	$ 527
Collaboration revenue	94	72,460	385	73,543
Research grants	88	1,401	174	2,665
Other revenues	19	19	34	60
Total revenues	1,820	74,407	4,046	76,795
Expenses:
Research and development	7,957	13,302	18,866	32,481
License fees – research and development	110	88	150	452
Royalty expense	162	70	347	127
General and administrative	4,025	4,952	7,746	10,149
Depreciation and amortization	300	525	772	1,061
Total expenses	12,554	18,937	27,881	44,270
Operating (loss) income	(10,734)	55,470	(23,835)	32,525
Other income:
Interest income	14	16	29	34
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
(in thousands)
	June 30,  2012	December 31,  2011
	(unaudited)
Cash and cash equivalents	$ 47,820	$ 70,105
Accounts receivable	2,096	1,516
Auction rate securities	3,240	3,332
Fixed assets, net	3,915	4,038
Other assets	1,261	1,119
Total assets	$ 58,332	$ 80,110
Liabilities	$ 5,097	$ 7,943
Deferred revenue	264	366
Total liabilities	5,361	8,309
Stockholders' equity	52,971	71,801
Total liabilities and stockholders' equity	$ 58,332	$ 80,110

About Relistor

Progenics has exclusively licensed development and commercialization rights for its first commercial product, Relistor, to Salix Pharmaceuticals, Ltd. for markets worldwide other than Japan, where Ono Pharmaceutical Co., Ltd. holds an exclusive license for the subcutaneous formulation. Relistor (methylnaltrexone bromide) subcutaneous injection is a first-in-class treatment for opioid-induced constipation approved in more than 50 countries for patients with advanced illness.

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