Business in the Burbs

Loss narrows in 1Q at Progenics

May

Progenics Pharmaceuticals Inc., a Tarrytown-based biotech company, reported a net loss of $1.8 million, or 6 cents a share, during the first quarter. That compared to a net loss of $15.5 million or 52 cents a share, a year earlier.

Revenues for the quarter rose to $20.9 million from $14.8 million for the same period in 2008.

The company said that revenues got a boost from a payment received from from Ono Pharmaceutical Co. Ltd., Progenics’ Japanese partner in the development of Relistor, a drug designed to treat constipation caused by painkillers. Relistor is sold in 19 markets including the United States, Canada, 14 European Union member states, Australia, Venezuela and Chile. An additional 13 markets are expected to launch the drug in 2009.

This entry was posted on Monday, May 11th, 2009 at 4:12 pm by Jay Loomis. You can follow any responses to this entry through the RSS 2.0 feed.
Category: Earnings

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