Progenics Pharmaceuticals Announces Third Quarter Financial Results

Progenics Pharmaceuticals Announces Third Quarter Financial Results

Enrollment Complete in Phase 2 Study of MIP-1404

TARRYTOWN, N.Y., Nov. 11, 2013 (GLOBE NEWSWIRE) -- Progenics Pharmaceuticals,
Inc. (Nasdaq:PGNX) today announced its results of operations for the quarter
and nine months ended September 30.

Net loss for the quarter was $10.5 million or $0.17 diluted per share,
compared to net loss of $11.3 million or $0.33 diluted per share in the 2012
period. Net loss for the current nine months was $34.0 million or $0.63
diluted per share, compared to $35.1 million or $1.04 diluted per share in
2012. Progenics ended the quarter with cash, cash equivalents and securities
of $77.8 million, a decrease of $3.6 million for the quarter and an increase
of $15.7 million from 2012 year-end.

Third quarter revenue totaled $0.9 million, down from $1.1 million in 2012.
Nine months 2013 revenue was $4.9 million, down from $5.2 million in the prior
year period. Royalty income for the 2013 and prior year third quarters was
$0.7 million, based on Relistor^® net sales (in millions) reported to
Progenics by Salix, summarized in the table below. Reported global gross sales
for the third quarter were almost flat as compared to the previous quarter,
while global net sales decreased quarter-over-quarter. Salix has attributed
the gross-to-net difference to product returns.

       Three Months Ended     Nine Months Ended
       September 30, June 30, September 30,
       2013   2012   2013     2013     2012
U.S.    $3.7   $3.8   $6.7     $17.1    $25.1
Ex-U.S. 1.1    1.1    1.2      3.3      2.9
Global  $4.8   $4.9   $7.9     $20.4    $28.0

Third quarter research and development expenses totaled $8.1 million, level
with the prior year period. Year-to-date research and development expense
decreased by $0.2 million to $27.3 million, primarily due to lower
compensation expense, partially offset by higher clinical trial expenses for
PSMA ADC and inclusion in 2013 of expenses related to MIP-1404. Third quarter
and year-to-date general and administrative expense decreased by $0.9 million
compared to the prior year periods, primarily due to lower compensation
expense from a third quarter 2012 restructuring, partially offset by higher
consulting and professional fees and other operating expenses.

Third Quarter and Recent Events

  *The company completed enrollment in its phase 2 study of MP-1404, a PSMA
    imaging agent.
    
  *The company presented data on two of its PSMA-focused technologies, at the
    European Association of Nuclear Medicine (EANM) Annual Congress in Lyon,
    France (October 21), and at the AACR-NCI-EORTC International Conference on
    Molecular Targets and Cancer Therapeutics in Boston (October 19 – 23).
    
  *The U.S. Food and Drug Administration plans to convene on March 10-11,
    2014 an Advisory Committee to consider Salix's supplemental New Drug
    Application (sNDA) for Relistor (methylnaltrexone bromide) Subcutaneous
    Injection for opioid-induced constipation in patients with chronic pain.
    
  *Relistor global net sales decreased 39% from the second quarter and 1%
    from the third quarter of 2012. Global gross sales were nearly flat as
    compared to the second quarter and increased more than 80% versus third
    quarter 2012.
    
  *Progenics completed the sale of an additional 1.275 million shares from
    the underwriters' overallotment option in its June follow-on financing,
    yielding $5.2 million additional net proceeds.
    
  *Michael D. Kishbauch was elected to the company's board of directors and
    Stephen P. Goff, a director since 1993, retired.

Conference Call and Webcast

Progenics will review third quarter financial results in a conference call
today at 8:30a.m. EST. To participate, please dial (877) 250-8889 (domestic)
or (720) 545-0001 (international) and reference conference ID92604931. A live
webcast will be available in the Media Center of the Progenics website,
www.progenics.com, and a replay will be available there for two weeks.

                         - Financial Tables follow -

PROGENICS PHARMACEUTICALS, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited)
(in thousands, except net loss per share)
                                                              
                         For the Three Months Ended For the Nine Months Ended
                         September 30,              September 30,
                         2013          2012         2013         2012
Revenues:                                                      
Royalty income            $719        $728       $3,052     $4,181
Collaboration revenue     145           136          1,512        521
Research grants           --            243          275          417
Other revenues            3             10           55           44
Total revenues            867           1,117        4,894        5,163
                                                              
Expenses:                                                      
Research and development  7,913         7,551        26,702       26,417
License fees – research   91            510          314          660
and development
Royalty expense           73            73           308          420
General and               3,123         4,007        10,853       11,753
administrative
Depreciation and          179           291          774          1,063
amortization
Total expenses            11,379        12,432       38,951       40,313
                                                              
Operating loss            (10,512)      (11,315)     (34,057)     (35,150)
                                                              
Other income:                                                  
Interest income           12            14           36           43
Total other income        12            14           36           43
                                                              
Net loss                  $(10,500)   $(11,301)  $(34,021)  $(35,107)
                                                              
Net loss per share; basic $(0.17)     $(0.33)    $(0.63)    $(1.04)
and diluted
Weighted average shares
outstanding; basic and    60,599        33,848       54,104       33,803
diluted


CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
                                                   September 30, December 31,
                                                   2013          2012
                                                   (unaudited)   
                                                                
Cash and cash equivalents                           $75,597     $58,838
Accounts receivable                                 754           6,937
Auction rate securities                             2,208         3,240
Fixed assets, net                                   2,526         3,399
Intangible assets and goodwill                      40,002        --
Other assets                                        1,371         3,894
Total assets                                        $122,458    $76,308
                                                                
Current liabilities                                 $6,072      $8,662
Acquisition-related contingent consideration        15,900        --
liability
Deferred tax and other liabilities                  13,598        1,078
Total liabilities                                   35,570        9,740
Stockholders' equity                                86,888        66,568
Total liabilities and stockholders' equity          $122,458    $76,308

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. is developing innovative medicines for
oncology, with a pipeline that includes several product candidates in
late-stage clinical development. Progenics' first-in-class PSMA targeted
technology platform includes an antibody drug conjugate therapeutic and a
small molecule targeted imaging agent, both in phase 2 clinical trials. Among
other assets in its pipeline of targeted radiotherapy and molecular imaging
compounds is Azedra^TM, an ultra-orphan radiotherapy candidate also in phase 2
under an SPA. Progenics' first commercial product, Relistor^®
(methylnaltrexone bromide) for opioid-induced constipation, is partnered with
and marketed by Salix Pharmaceuticals, Inc. Ono Pharmaceutical Co. is
developing Relistor in Japan. For additional information, please visit
www.progenics.com.

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.

Information on or accessed through our website is not included in the
company's SEC filings.

(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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