Revenues surge at Greenburgh-based Progenics Pharmaceuticals
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- November
- 9
Payments received in connection with its partnership with Wyeth helped lift revenues by more than 500 percent at Progenics Pharmaceuticals Inc. in the third quarter.
Progenics, a drug-development company based in Greenburgh, reported this morning that it had revenues of $17.8 million in the quarter, up from $2.77 million a year earlier.
The company had a net loss of $2.94 million, or 11 cents a share, which was down from a loss of $10.7 million, or 49 cents a share, in the third quarter last year.
Most of the revenue gain came from a $14.5 million payment for contract research and development with Wyeth. The companies are researching oral methylnaltrexone to determine its safety and effectiveness in treating constipation caused by medicines used to treat chronic pain.
Much of Progenics’ research is focused on developing drugs that treat HIV infections and cancer.
Shares in the company closed at $26.25 yesterday, up 6 cents, in trading on the Nasdaq.
This entry was posted
on Thursday, November 9th, 2006 at 10:44 am by Frank Brill.
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