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.
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|Three Months Ended||Six Months Ended|
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