This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Cramer's Action Alerts PLUS - See his portfolio and get alerts BEFORE every trade. Learn more NOW!

Progenics Pharmaceuticals Announces Second Quarter 2013 Financial Results

TARRYTOWN, N.Y., Aug. 9, 2013 (GLOBE NEWSWIRE) -- Progenics Pharmaceuticals, Inc. (Nasdaq:PGNX) today announced its results of operations for the quarter and six months ended June 30, 2013.

Net loss for the quarter was $12.3 million or $0.24 diluted per share, compared to net loss of $10.7 million or $0.32 diluted per share in the 2012 period. Net loss for the current six months was $23.5 million or $0.46 diluted per share, compared to $23.8 million or $0.70 diluted per share in 2012. Progenics ended the quarter with cash, cash equivalents and securities of $81.4 million, reflecting an increase of $23.0 million in the quarter and $19.4 million from 2012 year-end.

Second quarter revenue totaled $1.8 million, level with the 2012 period. Current and prior year first half revenues were both $4.0 million. Royalty income for the 2013 second quarter was $1.2 million compared to $1.6 million in the 2012 period, based on Relistor ® net sales (in millions) reported to Progenics by Salix of:

  Three Months Ended Six Months Ended
  June 30, March 31, June 30,
  2013 2012 2013 2013 2012
U.S.  $6.7 $10.0 $6.7 $13.4 $21.3
Ex-U.S.  1.2 0.8 1.0 2.2 1.8
Global  $7.9 $10.8 $7.7 $15.6 $23.1

Second quarter research and development expense increased by $2.1 million compared to the prior year period, primarily due to higher clinical trial expenses for PSMA ADC and MIP-1404 acquired earlier this year in the Molecular Insight transaction and one-time real estate lease termination expenses, partially offset by lower compensation expense. Year-to-date research and development expense decreased by $0.1 million to $19.3 million. Second quarter general and administrative expense decreased by $0.6 million compared to the prior year period, primarily due to lower compensation expense, partially offset by higher consulting and professional fees. Year-to-date general and administrative expenses were level with the prior year period at $7.7 million.

1 of 4

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 18,132.70 -81.72 -0.45%
S&P 500 2,104.50 -6.24 -0.30%
NASDAQ 4,963.5270 -24.3630 -0.49%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs