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Progenics Pharmaceuticals Announces Fourth Quarter And Year-End 2013 Financial Results And Initiates Clinical Development Of Small Molecule Targeted Therapeutic

Stock quotes in this article: PGNX

TARRYTOWN, N.Y., March 13, 2014 (GLOBE NEWSWIRE) -- Progenics Pharmaceuticals, Inc. (Nasdaq:PGNX) today announced its results of operations for the fourth quarter and year-end 2013. The company also announced that it is initiating clinical development of MIP-1095, a PSMA-targeted small molecule radiopharmaceutical for the treatment of prostate cancer.

Memorial Sloan Kettering Cancer Center, a member of the Prostate Cancer Clinical Trials Consortium, has been designated as the principal site for the phase 1 study. "This therapeutic candidate is a strong strategic addition to Progenics' pipeline of PSMA-targeted compounds," said Hagop Youssoufian, M.D., Executive Vice President of Research and Development at Progenics. "The extensive oncology expertise represented by the Memorial Sloan Kettering Cancer Center and Prostate Cancer Clinical Trials Consortium teams is an excellent asset in our next step toward developing MIP-1095."

Michael J. Morris, M.D., Associate Attending Physician in the Genitourinary Oncology Service at Memorial Sloan Kettering and one of the world's leading prostate cancer experts, will act as the principal investigator for the company-sponsored clinical trial. The phase 1 study is expected to commence following the submission of an investigational new drug application later this year.

"MIP-1095 could offer a potentially compelling new treatment option for patients suffering with metastatic prostate cancer," said Dr. Morris. "A paper published last week in the European Journal of Nuclear Medicine and Molecular Imaging, which details the compassionate use of MIP-1095 in men with advanced prostate cancer, provides encouraging preliminary information and we look forward to evaluating this therapeutic candidate in a clinical setting."

In the company's financial report of the fourth quarter and year-end 2013, it recorded a net loss for the quarter of $8.6 million or $0.14 diluted per share, compared to net loss of $0.3 million or $0.01 diluted per share in the 2012 period. Net loss for the year was $42.6 million or $0.76 diluted per share, compared to $35.4 million or $1.02 diluted per share in 2012. Progenics ended the year with cash, cash equivalents and securities of $68.1 million, a decrease of $9.7 million for the quarter and an increase of $6.0 million from 2012 year end.

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