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Progenics Pharmaceuticals Announces Fourth Quarter And Year-End 2012 Financial Results

TARRYTOWN, N.Y., March 15, 2013 (GLOBE NEWSWIRE) -- Progenics Pharmaceuticals, Inc. (Nasdaq:PGNX) today announced its results of operations for the fourth quarter and year end 2012.

Net loss for the fourth quarter was $0.3 million or $0.01 diluted per share, compared to net loss of $10.7 million or $0.32 diluted per share in the 2011 period. Net loss for the year was $35.4 million or $1.02 diluted per share, compared to net income of $10.4 million or $0.31 diluted per share in 2011. The 2012 results include revenue from partnering two proprietary research programs, while 2011 results reflect upfront payment and reimbursement revenue from the company's Relistor ® collaboration with Salix Pharmaceuticals. At December 31, 2012, Progenics had cash, cash equivalents and securities of $62.1 million, an increase of $17.8 million in the quarter including proceeds of a fourth quarter follow-on common stock offering and reflecting use of $11.3 million for the full year.

Fourth quarter revenue totaled $8.9 million, up $6.7 million from the 2011 period, resulting primarily from the partnering transactions. For the full year, Progenics reported revenues of $14.0 million, compared to $84.8 million for 2011, a decrease primarily from 2011 recognition of the Salix collaboration.

Royalty income for the quarter was $0.8 million compared to $1.3 million in the fourth quarter of 2011, reflecting stocking activity in 2011. Royalty income for the year was $5.0 million compared to $3.0 million for 2011.

Net sales reported to Progenics by Salix (in millions):
  Three Months Ended Year Ended
  December 31, September 30, December 31,
  2012 2011 2012 2012 2011
U.S.  $4.1 $8.0 $3.8 $29.2 $21.5
Ex-U.S.  1.1 0.8 1.1 4.0 5.5
 Global  $5.2 $8.8 $4.9 $33.2 $27.0

Fourth quarter and full year research and development expenses decreased by $2.4 million and $20.7 million, respectively, compared to the 2011 periods, primarily from reduced headcount and decreased laboratory, manufacturing and operating expenses. Clinical trial expenses increased in the fourth quarter compared to the 2011 period and decreased for the full year. Fourth quarter general and administrative expenses decreased $1.1 million from 2011; full year G&A expense was down $3.5 million, in each case due to lower consulting, compensation and other operating expense. Company-wide headcount as of December 31, 2012 declined to 76 from 105 as of December 31, 2011.

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