Business in the Burbs

Net loss widens at Progenics during 2Q

August

Progenics Pharmaceuticals Inc., a Tarrytown-based biotech company, reported a net loss of $15.2 million, or 49 cents a share, during the second quarter. That compared to a net loss of $2.4 million or 8 cents a share, a year earlier.

Revenues dropped to $5.5 million during the quarter from $28.6 million a year earlier. Progenics said that this year’s results reflect a drop in reimbursement revenue from Wyeth for research and development on Relistor, a drug which is the first commercial product for Progenics. Progenics partnered with Wyeth in 2005 to jointly develop and sell Relistor, an injectable drug designed to treat constipation caused by painkillers. Sales of Relistor rose 52 percent to $3.2 million during the quarter.

This entry was posted on Thursday, August 6th, 2009 at 2:48 pm by Jay Loomis.
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