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Progenics Pharmaceuticals Announces First Quarter 2014 Financial Results

TARRYTOWN, N.Y., May 9, 2014 (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 $9.3 million or $0.15 diluted per share, compared to net loss of $11.3 million or $0.22 diluted per share in the 2013 period. Progenics ended the quarter with cash, cash equivalents and securities of $96.2 million, an increase of $28.1 million in the quarter resulting primarily from public offering proceeds.

First quarter revenue totaled $1.8 million, down from $2.2 million in 2013, reflecting royalty income of $0.7 million compared to $1.2 million in the 2013 period, based on RELISTOR ® net sales (in millions) reported to Progenics by our commercialization partner Salix. Net sales declined to $4.8 million in the current quarter from prior quarter net sales of $19.0 million. Salix attributed the lower sales in the first quarter to wholesalers adjusting their inventory levels as a result of higher sales in the fourth quarter of 2013.

  Net Relistor Sales for Quarter Ended
  March 31, December 31,
  2014 2013 2013
U.S. $3.6 $6.7 $17.9
Ex-U.S. 1.2 1.0 1.1
Global $4.8 $7.7  $ 19.0

First quarter research and development expenses decreased by $1.8 million, reflecting lower compensation expense, partially offset by higher clinical trial expenses for PSMA ADC and contract manufacturing expenses for 1404 and Azedra. First quarter general and administrative expenses decreased by $0.4 million, primarily from lower consulting, professional fees and operating expenses, net of an increase to the estimated fair value in contingent consideration liability arising from the Company's 2013 Molecular Insight acquisition.

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