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TARRYTOWN, N.Y., May 10, 2013 (GLOBE NEWSWIRE) -- Progenics Pharmaceuticals, Inc. (Nasdaq:PGNX) today announced its results of operations for the quarter ended March 31.
Net loss for the quarter was $11.3 million or $0.22 diluted per share, compared to net loss of $13.1 million or $0.39 diluted per share in the 2012 period, due primarily to a $1.8 million decrease in total expenses. Progenics ended the quarter with cash, cash equivalents and securities of $58.4 million, reflecting use of $3.6 million for operations in the quarter.
First quarter revenue totaled $2.2 million for the current and prior-year periods. Royalty income for 2013 first quarter was $1.2 million compared to $1.8 million in the 2012 period, based on Relistor
® net sales (in millions) reported to Progenics by Salix of:
Three Months Ended
First quarter research and development expenses decreased by $2.2 million, primarily from a decline in compensation expenses partially offset by higher clinical trial expenses for PSMA ADC and including expenses for recently acquired MIP-1404. First quarter general and administrative expenses increased by $0.6 million, primarily from higher acquisition-related consulting and professional fees, partially offset by a decline in salary and benefits expenses.