Progenics quarterly revenues up $15 million from third-quarter 2005

By Lisa Kerner

Charlotte, N.C., Nov. 9 - Progenics Pharmaceuticals, Inc.'s third-quarter 2006 revenues were up significantly at $17.8 million from $2.8 million for the same quarter in 2005.

The company's expenses for the quarter rose to $22.7 million from $14.1 million for the third- quarter 2005.

Progenics reported a third-quarter net loss of $2.9 million, or $0.11 per share, compared with a net loss of $10.7 million, or $0.49 per share, for the prior-year period.

For the nine months ended Sept. 30, Progenics reported increased revenues of $48.0 million from $7.4 million for the comparable period in 2005. The increase reflects reimbursement Progenics received for its research and development under its collaboration with Wyeth.

Expenses for the nine-month period totaled $73.7 million, up from $45.2 million for the nine months ended Sept. 30, 2005.

The company's net loss decreased during the first nine months of 2006 to $19.9 million from a net loss of $36.7 million for the same period in 2005.

Progenics is a biopharmaceutical company based in Tarrytown, N.Y.

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