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Progenics Pharmaceuticals Announces Second Quarter 2014 Financial Results

Stocks in this article: PGNX

TARRYTOWN, N.Y., Aug. 8, 2014 (GLOBE NEWSWIRE) -- Progenics Pharmaceuticals, Inc. (Nasdaq:PGNX) today announced its results of operations for the quarter and six months ended June 30.

Net loss for the quarter was $11.1 million or $0.17 diluted per share, compared to net loss of $12.3 million or $0.24 diluted per share in the 2013 period. Net loss for the current six months was $20.4 million or $0.31 diluted per share, compared to $23.5 million or $0.46 diluted per share in 2013. Progenics ended the quarter with cash, cash equivalents and securities of $87.6 million, reflecting a decrease of $8.7 million in the quarter and an increase of $19.5 million from 2013 year-end, resulting primarily from public offering proceeds.

Second quarter revenue totaled $1.5 million, down from $1.8 million in 2013, reflecting decreased collaboration revenue of $0.4 million and increased royalty income of $0.2 million. Second quarter royalty income of $1.4 million compared to $1.2 million in the 2013 period, is based on RELISTOR ® net sales (in millions) reported to Progenics by our commercialization partner Salix. Current year first half revenues were $3.3 million, down from $4.0 million in 2013, reflecting royalty income of $2.1 million compared to $2.3 million in the 2013 period. Net Relistor sales increased to $9.1 million in the current quarter from prior quarter net sales of $4.8 million. Salix attributed the higher sales in the second quarter to wholesalers demand and lower returns compared to the first quarter of 2014.

  Net Relistor Sales
  Three Months Ended Six Months Ended
  June 30, March 31, June 30,
  2014 2013 2014 2014 2013
U.S. $8.2 $6.7 $3.6 $11.8 $13.4
Ex-U.S. 0.9 1.2 1.2 2.1 2.2
Global $9.1 $7.9 $4.8 $13.9 $15.6

Second quarter research and development expenses decreased by $1.7 million compared to the prior year period, reflecting lower rent and compensation expenses, partially offset by higher clinical trial expenses for PSMA ADC and contract manufacturing expenses for Azedra and 1404. Year-to-date research and development expenses decreased by $3.5 million compared to prior year period. Second quarter general and administrative expenses increased by $0.4 million, compared to the prior year period, primarily due to a non-cash expense of $0.4 million resulting from an increase to the estimated fair value in contingent consideration liability arising from the Company's 2013 Molecular Insight acquisition. Year-to-date general and administrative expenses decreased by $0.1 million compared to prior year period, net of $0.9 million non-cash expense resulting from an increase in the estimated fair value in contingent consideration liability.

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