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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 (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
(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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