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Progenics Pharmaceuticals Announces Third Quarter Financial Results

Stocks in this article: PGNX

TARRYTOWN, N.Y., Nov. 11, 2013 (GLOBE NEWSWIRE) -- Progenics Pharmaceuticals, Inc. (Nasdaq:PGNX) today announced its results of operations for the quarter and nine months ended September 30.

Net loss for the quarter was $10.5 million or $0.17 diluted per share, compared to net loss of $11.3 million or $0.33 diluted per share in the 2012 period. Net loss for the current nine months was $34.0 million or $0.63 diluted per share, compared to $35.1 million or $1.04 diluted per share in 2012. Progenics ended the quarter with cash, cash equivalents and securities of $77.8 million, a decrease of $3.6 million for the quarter and an increase of $15.7 million from 2012 year-end.

Third quarter revenue totaled $0.9 million, down from $1.1 million in 2012. Nine months 2013 revenue was $4.9 million, down from $5.2 million in the prior year period. Royalty income for the 2013 and prior year third quarters was $0.7 million, based on Relistor ® net sales (in millions) reported to Progenics by Salix, summarized in the table below. Reported global gross sales for the third quarter were almost flat as compared to the previous quarter, while global net sales decreased quarter-over-quarter. Salix has attributed the gross-to-net difference to product returns.

  Three Months Ended Nine Months Ended
  September 30, June 30, September 30,
  2013 2012 2013 2013 2012
U.S. $3.7 $3.8 $6.7 $17.1 $25.1
Ex-U.S. 1.1 1.1 1.2 3.3 2.9
Global $4.8 $4.9 $7.9 $20.4 $28.0

Third quarter research and development expenses totaled $8.1 million, level with the prior year period. Year-to-date research and development expense decreased by $0.2 million to $27.3 million, primarily due to lower compensation expense, partially offset by higher clinical trial expenses for PSMA ADC and inclusion in 2013 of expenses related to MIP-1404. Third quarter and year-to-date general and administrative expense decreased by $0.9 million compared to the prior year periods, primarily due to lower compensation expense from a third quarter 2012 restructuring, partially offset by higher consulting and professional fees and other operating expenses.

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