Progenics reports smaller 3Q loss
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- November
- 10
Progenics Pharmaceuticals Inc., a biotech company based in Eastview, reported imporved results for the third quarter as it marked milestones for key medications, including a constipation treatment.
The net loss of $12.2 million during the third quarter narrowed from the net loss of $15.6 million a year earlier. Net loss per share of 41 cents improved from the net loss per share of 58 cents a year earlier. Revenues of $17.5 million increased from $17 million a year earlier as Progenics received payments from Wyeth related to the constipation drug Relistor that they are developing and commercializing.
“We have been able to maintain a healthy balance sheet while advancing our product pipeline because of the continued funding by Wyeth of our lead program, Relistor, together with payments for achieving milestones and royalties on commercial sales,” Chief Executive Officer Paul J. Maddon said in a written statement.
Maddon added that Progenics also is achieving success with a prostate cancer therapy, PSMA ADC, that has entered phase 1 testing.
This entry was posted
on Monday, November 10th, 2008 at 2:06 pm by Jay Loomis.
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