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Progenics fourth-quarter, year-end 2005 revenues down
By Lisa Kerner
Erie, Pa., March 15 - Progenics Pharmaceuticals, Inc. said revenues for the fourth quarter ended Dec. 31 totaled $2 million, compared with $3.3 million for the same quarter in 2004.
Total revenues for the year were down slightly at $9.5 million from $9.6 million for the comparable period in 2004.
Revenues primarily reflect payments received by Progenics for contract work performed for PSMA Development Co. LLC and funding from government grants and contracts, according to a company news release.
Progenics reported a net loss of $32.7 million, or $1.34 per basic and diluted share, for the fourth quarter of 2005. For the same period last year, the company reported a net loss of $10.3 million, or $0.60 per share.
The company reported a net loss or the year ended Dec. 31 of $69.4 million, or $3.33 per basis and diluted share. This compares with a net loss of $42.0 million, or $2.48 per share, in 2004.
Cash, cash equivalents and marketable securities were $173.1 million on Dec. 31.
"The past 12 months were a highly successful period for Progenics Pharmaceuticals," founder, chief executive officer and chief science officer Dr. Paul J. Maddon said in the release.
"Our lead product, MNTX, demonstrated significant activity in advanced clinical trials which led to a worldwide collaboration with Wyeth. Our HIV therapeutic, PRO 140, showed encouraging results in an early stage clinical trial, and preclinical studies of our PSMA prostate cancer monoclonal antibody were also promising. Based on the strength of our clinical and research findings, we were able to successfully complete three equity offerings in 2005."
Progenics, based in Tarrytown, N.Y., is a biopharmaceutical company that develops and commercializes therapeutic products to treat patients with debilitating conditions and life-threatening diseases, including HIV and cancer.
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