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Progenics Pharmaceuticals Announces Fourth Quarter and Year-End 2012 Financial Results



Progenics Pharmaceuticals Announces Fourth Quarter and Year-End 2012 Financial
Results

TARRYTOWN, N.Y., March 15, 2013 (GLOBE NEWSWIRE) -- Progenics Pharmaceuticals,
Inc. (Nasdaq:PGNX) today announced its results of operations for the fourth
quarter and year end 2012.

Net loss for the fourth quarter was $0.3 million or $0.01 diluted per share,
compared to net loss of $10.7 million or $0.32 diluted per share in the 2011
period. Net loss for the year was $35.4 million or $1.02 diluted per share,
compared to net income of $10.4 million or $0.31 diluted per share in 2011.
The 2012 results include revenue from partnering two proprietary research
programs, while 2011 results reflect upfront payment and reimbursement revenue
from the company's Relistor^® collaboration with Salix Pharmaceuticals. At
December 31, 2012, Progenics had cash, cash equivalents and securities of
$62.1 million, an increase of $17.8 million in the quarter including proceeds
of a fourth quarter follow-on common stock offering and reflecting use of
$11.3 million for the full year.

Fourth quarter revenue totaled $8.9 million, up $6.7 million from the 2011
period, resulting primarily from the partnering transactions. For the full
year, Progenics reported revenues of $14.0 million, compared to $84.8 million
for 2011, a decrease primarily from 2011 recognition of the Salix
collaboration.

Royalty income for the quarter was $0.8 million compared to $1.3 million in
the fourth quarter of 2011, reflecting stocking activity in 2011. Royalty
income for the year was $5.0 million compared to $3.0 million for 2011.

Net sales reported to Progenics by Salix (in millions):

         Three Months Ended         Year Ended
         December 31, September 30, December 31,
         2012   2011  2012          2012   2011
U.S.     $4.1   $8.0  $3.8          $29.2  $21.5
Ex-U.S.  1.1    0.8   1.1           4.0    5.5
 Global  $5.2   $8.8  $4.9          $33.2  $27.0

Fourth quarter and full year research and development expenses decreased by
$2.4 million and $20.7 million, respectively, compared to the 2011 periods,
primarily from reduced headcount and decreased laboratory, manufacturing and
operating expenses. Clinical trial expenses increased in the fourth quarter
compared to the 2011 period and decreased for the full year. Fourth quarter
general and administrative expenses decreased $1.1 million from 2011; full
year G&A expense was down $3.5 million, in each case due to lower consulting,
compensation and other operating expense. Company-wide headcount as of
December 31, 2012 declined to 76 from 105 as of December 31, 2011.

Fourth Quarter Highlights

  * Completed underwritten public offering of 12,650,000 primary common shares
    resulting in $23.3 million net proceeds.
  * Out-licensed C. difficile preclinical program for $5.0 million upfront
    payment (received in January) with potential future milestones and
    royalties.
  * Fourth quarter Relistor global net sales increased 8% from the third
    quarter, but decreased 40% from the prior year period due to 2011 stocking
    activity. Annual Relistor global net sales increased 23% over 2011.

Recent Events

  * Acquired Molecular Insight Pharmaceuticals, expanding our oncology
    pipeline with diagnostic and small molecule therapeutic candidates
    targeting PSMA and prostate cancer.
  * Reported positive clinical data from a study of two novel radiolabeled
    small molecule imaging agents – ^123I-MIP-1072 and ^123I-MIP-1095 –
    targeting PSMA.

Conference Call and Webcast

Progenics will review fourth quarter and year-end financial results in a
conference call today at 8:30 a.m. EDT. To participate, please dial (877)
250-8889 (domestic) or (720) 545-0001 (international) and reference conference
ID 21225492. A live webcast will be available on the Events section of the
Progenics website, www.progenics.com, and a replay will be available on the
website for two weeks.

                         - Financial Tables follow -

PROGENICS PHARMACEUTICALS, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited)
(in thousands, except net (loss) income per share)
                                                                      
                              For the Three Months Ended For the Year Ended
                              December 31,               December 31,
                              2012         2011          2012        2011
Revenues:                                                             
 Royalty income                $ 782        $ 1,279       $ 4,963     $ 3,046
 Collaboration revenue         8,004        366           8,525       76,764
 Research grants               71           464           488         4,810
 Other revenues                28           88            72          176
 Total revenues                8,885        2,197         14,048      84,796
                                                                      
Expenses:                                                             
 Research and development      5,423        8,296         31,840      53,183
 License fees – research and   510          12            1,170       578
development
 Royalty expense               79           131           499         405
 General and administrative    2,953        4,035         14,706      18,248
 Depreciation and              261          485           1,324       2,066
amortization
 Total expenses                9,226        12,959        49,539      74,480
                                                                      
Operating (loss) income        (341)        (10,762)      (35,491)    10,316
                                                                      
Other income:                                                         
 Interest income               17           16            60          65
 Total other income            17           16            60          65
                                                                      
Net (loss) income before       (324)        (10,746)      (35,431)    10,381
income taxes
 Income tax benefit            --           --            --          -- 
Net (loss) income              $ (324)      $ (10,746)    $ (35,431)  $ 10,381
                                                                      
Net (loss) income per share;   $ (0.01)     $ (0.32)      $ (1.02)    $ 0.31
basic
Weighted average shares       37,590       33,700        34,754      33,375
outstanding; basic
                                                                      
Net income (loss) per share;   $ (0.01)     $ (0.32)      $ (1.02)    $ 0.31
diluted
Weighted average shares       37,590       33,700        34,754      33,494
outstanding; diluted
                                                                      

CONDENSED CONSOLIDATED BALANCE SHEETS
(unaudited)
(in thousands)
                                                         
                                           December 31, December 31,
                                           2012         2011
                                                         
Cash and cash equivalents                   $ 58,838     $ 70,105
Accounts receivable                         6,937        1,516
Auction rate securities                     3,240        3,332
Fixed assets, net                           3,399        4,038
Other assets                                3,894        1,119
 Total assets                               $ 76,308     $ 80,110
                                                         
Liabilities                                 $ 8,902      $ 7,943
Deferred revenue                            838          366
 Total liabilities                          9,740        8,309
 Stockholders' equity                       66,568       71,801
Total liabilities and stockholders' equity  $ 76,308     $ 80,110

About Relistor

Progenics has exclusively licensed development and commercialization rights
for its first commercial product, Relistor, to Salix Pharmaceuticals, Ltd. for
markets worldwide other than Japan, where Ono Pharmaceutical Co., Ltd. holds
an exclusive license for the subcutaneous formulation. Relistor
(methylnaltrexone bromide) subcutaneous injection is a first-in-class
treatment for opioid-induced constipation approved in more than 50 countries
for patients with advanced illness.

Important Safety Information for subcutaneous Relistor

Relistor is indicated for the treatment of opioid-induced constipation (OIC)
in patients with advanced illness who are receiving palliative care, when
response to laxative therapy has not been sufficient. Use of Relistor beyond
four months has not been studied.

Relistor is contraindicated in patients with known or suspected mechanical
gastrointestinal obstruction. If severe or persistent diarrhea occurs during
treatment, advise patients to discontinue therapy with Relistor and consult
their physician. Use of Relistor has not been studied in patients with
peritoneal catheters.

Safety and efficacy of Relistor have not been established in pediatric
patients.

Rare cases of gastrointestinal (GI) perforation have been reported in advanced
illness patients with conditions that may be associated with localized or
diffuse reduction of structural integrity in the wall of the GI tract (i.e.,
cancer, peptic ulcer, Ogilvie's syndrome). Perforations have involved varying
regions of the GI tract (e.g., stomach, duodenum, colon).

Use Relistor with caution in patients with known or suspected lesions of the
GI tract. Advise patients to discontinue therapy with Relistor and promptly
notify their physician if they develop severe, persistent, and/or worsening
abdominal symptoms.

The most common adverse reactions reported with Relistor compared with placebo
in clinical trials were abdominal pain (28.5% vs. 9.8%), flatulence (13.3% vs.
5.7%), nausea (11.5% vs. 4.9%), dizziness (7.3% vs. 2.4%), diarrhea (5.5% vs.
2.4%), and hyperhidrosis (6.7% vs. 6.5%).

Relistor full Prescribing Information for the U.S. is available at
www.relistor.com.

About Progenics

Progenics Pharmaceuticals, Inc. develops innovative medicines for oncology,
and has a pipeline that includes product candidates in preclinical through
late-stage development. Progenics' first commercial product, Relistor^®
(methylnaltrexone bromide) for opioid-induced constipation, is marketed and in
further development by Salix Pharmaceuticals, Ltd. for markets worldwide other
than Japan, where Ono Pharmaceutical Co., Ltd. holds an exclusive license for
the subcutaneous formulation. For additional information, please visit
www.progenics.com. 

The Progenics Pharmaceuticals Inc. logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=9678

This press release may contain projections and other forward-looking
statements regarding future events. Such statements are predictions only, and
are subject to risks and uncertainties that could cause actual events or
results to differ materially. These risks and uncertainties include, among
others, the cost, timing and results of clinical trials and other development
activities; the unpredictability of the duration and results of regulatory
review of New Drug Applications and Investigational NDAs; market acceptance
for approved products; generic and other competition; the possible impairment
of, inability to obtain and costs of obtaining intellectual property rights;
and possible safety or efficacy concerns, general business, financial and
accounting matters, litigation and other risks. More information concerning
Progenics and such risks and uncertainties is available on its website, and in
its press releases and reports it files with the U.S. Securities and Exchange
Commission. Progenics is providing the information in this press release as of
its date and does not undertake any obligation to update or revise it, whether
as a result of new information, future events or circumstances or otherwise.

Additional information concerning Progenics and its business may be available
in press releases or other public announcements and public filings made after
this release.

(PGNX-F)

Editors Note:

For more information, please visit www.progenics.com.

For more information about Relistor, please visit www.relistor.com.

CONTACT: Amy Martini
         Corporate Affairs
         (914) 789-2816
         amartini@progenics.com
        
         Kathleen Fredriksen
         Corporate Development
         (914) 789-2871
         kfredriksen@progenics.com

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