Delaware
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000-23143
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13-3379479
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(State or other jurisdiction
of incorporation)
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(Commission
File Number)
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(IRS Employer
Identification No.)
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777 Old Saw Mill River Road, Tarrytown, New York
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10591
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(Address of principal executive offices)
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(Zip Code)
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Registrant's telephone number, including area code (914) 789-2800
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o
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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o
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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o
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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o
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Item 2.02.
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Results of Operations and Financial Condition.
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Item 5.02.
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Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
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(b)
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William C. Olson resigned as Senior Vice President, Research and Development of the Company to pursue other interests, effective November 15th.
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Item 9.01.
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Financial Statements and Exhibits.
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(d)
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Exhibits
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Exhibit No.
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Description
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PROGENICS PHARMACEUTICALS, INC.
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By:
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/s/ ANGELO W. LOVALLO, JR.
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Angelo W. Lovallo, Jr.
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Vice President, Finance & Treasurer
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(Principal Financial and Accounting Officer)
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Progenics Pharmaceuticals, Inc.
777 Old Saw Mill River Road
Tarrytown, New York 10591
Fax: (914) 789-2817
(914) 789-2800
www.progenics.com
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Contact:
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Amy Martini
Corporate Affairs
(914) 789-2816
amartini@progenics.com
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Kathleen Fredriksen
Corporate Development
(914) 789-2871
kfredriksen@progenics.com
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Three Months Ended
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Nine Months Ended
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|||||||||||||||||
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September 30,
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June 30,
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September 30,
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||||||||||||||||
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2013
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2012
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2013
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2013
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2012
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||||||||||||||
U.S.
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$
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3.7
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$
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3.8
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$
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6.7
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$
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17.1
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$
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25.1
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|||||||||
Ex-U.S.
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1.1
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1.1
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1.2
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3.3
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2.9
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Global
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$
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4.8
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$
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4.9
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$
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7.9
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$
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20.4
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$
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28.0
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·
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The company completed enrollment in its phase 2 study of MP-1404, a PSMA imaging agent.
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·
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The company presented data on two of its PSMA-focused technologies, at the European Association of Nuclear Medicine (EANM) Annual Congress in Lyon, France (October 21), and at the AACR-NCI-EORTC International Conference on Molecular Targets and Cancer Therapeutics in Boston (October 19 – 23).
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·
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The U.S. Food and Drug Administration plans to convene on March 10-11, 2014 an Advisory Committee to consider Salix's supplemental New Drug Application (sNDA) for Relistor (methylnaltrexone bromide) Subcutaneous Injection for opioid-induced constipation in patients with chronic pain.
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·
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Relistor global net sales decreased 39% from the second quarter and 1% from the third quarter of 2012. Global gross sales were nearly flat as compared to the second quarter and increased more than 80% versus third quarter 2012.
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·
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Progenics completed the sale of an additional 1.275 million shares from the underwriters' overallotment option in its June follow-on financing, yielding $5.2 million additional net proceeds.
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·
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Michael D. Kishbauch was elected to the company's board of directors and Stephen P. Goff, a director since 1993, retired.
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PROGENICS PHARMACEUTICALS, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited)
(in thousands, except net loss per share)
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||||||||||||||||
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For the Three Months Ended
September 30,
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For the Nine Months Ended
September 30,
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||||||||||||||
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2013
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2012
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2013
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2012
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||||||||||||
Revenues:
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||||||||||||||||
Royalty income
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$
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719
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$
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728
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$
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3,052
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$
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4,181
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||||||||
Collaboration revenue
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145
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136
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1,512
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521
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||||||||||||
Research grants
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-
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243
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275
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417
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||||||||||||
Other revenues
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3
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10
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55
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44
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||||||||||||
Total revenues
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867
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1,117
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4,894
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5,163
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Expenses:
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Research and development
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7,913
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7,551
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26,702
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26,417
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License fees – research and development
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91
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510
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314
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660
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Royalty expense
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73
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73
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308
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420
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General and administrative
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3,123
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4,007
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10,853
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11,753
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Depreciation and amortization
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179
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291
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774
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1,063
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Total expenses
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11,379
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12,432
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38,951
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40,313
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Operating loss
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(10,512
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)
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(11,315
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)
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(34,057
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)
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(35,150
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)
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||||||||
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Other income:
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Interest income
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12
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14
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36
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43
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Total other income
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12
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14
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36
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43
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Net loss
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$
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(10,500
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)
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$
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(11,301
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)
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$
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(34,021
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)
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$
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(35,107
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)
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Net loss per share; basic and diluted
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$
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(0.17
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)
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$
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(0.33
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)
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$
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(0.63
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)
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$
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(1.04
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)
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Weighted average shares outstanding; basic and diluted
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60,599
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33,848
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54,104
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33,803
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CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
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||||||||
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September 30,
2013
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December 31,
2012
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(unaudited)
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Cash and cash equivalents
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$
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75,597
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$
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58,838
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Accounts receivable
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754
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6,937
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Auction rate securities
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2,208
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3,240
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Fixed assets, net
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2,526
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3,399
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Intangible assets and goodwill
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40,002
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-
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Other assets
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1,371
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3,894
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||||||
Total assets
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$
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122,458
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$
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76,308
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Current liabilities
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$
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6,072
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$
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8,662
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Acquisition-related contingent consideration liability
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15,900
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-
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||||||
Deferred tax and other liabilities
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13,598
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1,078
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Total liabilities
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35,570
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9,740
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Stockholders' equity
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86,888
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66,568
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||||||
Total liabilities and stockholders' equity
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$
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122,458
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$
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76,308
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