Progenics reports fourth-quarter loss
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- March
- 13
Progenics Pharmaceuticals Inc., an Eastview-based biotechnology company, reported this morning that it lost $14.6 million during the fourth quarter of last year, compared to a loss of $15.3 million for the same period of 2007.
On a per-share basis, the company lost 49 cents in the quarter ending in December, down from 53 cents a year earlier.
For the year, the company lost $44.7 million, of $1.51 a share, last year, compared with $43.7 million, or $1.60 a share, in 2007.
Revenues for the fourth quarter were $6.8 million, down from $15.5 million.
Dr. Paul J. Maddon, the company’s chief executive, said the year was marked by the company getting its first drug approval from federal regulators.
“Progenics had a pivotal year in 2008 — most significantly with the approval of Relistor, our first commercial product, by the U.S. Food and Drug Administration,” he said. “Relistor is now approved in over 30 countries including the U.S., Canada, Australia and all member states of the European Union, and we are receiving royalties on worldwide sales.”
The company also completed the second phase of testing of PRO 140 for the treatment of HIV infection and started a study of a treatment for prostate cancer.
The results for the fourth quarter of last year include a $2.9 million reimbursement from Wyeth Pharmaceuticals in connection with a partnership the companies have for developing Relistor. In the fourth quarter of 2007, the company got $9.2 million from Wyeth.
This entry was posted
on Friday, March 13th, 2009 at 8:28 am by Allan Drury.
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