-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, Dc9aHcxHVGnTXfycL2e50jMQxWvkrHCOOTGZeIvWQfN24uGagTFL55ACcpB/6M1p NW4Y1EUfqetHYcCx4DguZQ== 0000950117-99-002226.txt : 19991027 0000950117-99-002226.hdr.sgml : 19991027 ACCESSION NUMBER: 0000950117-99-002226 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19991026 ITEM INFORMATION: FILED AS OF DATE: 19991026 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PROGENICS PHARMACEUTICALS INC CENTRAL INDEX KEY: 0000835887 STANDARD INDUSTRIAL CLASSIFICATION: PHARMACEUTICAL PREPARATIONS [2834] IRS NUMBER: 133379479 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: SEC FILE NUMBER: 000-23143 FILM NUMBER: 99733919 BUSINESS ADDRESS: STREET 1: 777 OLD SAW MILL RIVER ROAD CITY: TARRYTOWN STATE: NY ZIP: 10591 BUSINESS PHONE: 9147892800 MAIL ADDRESS: STREET 1: 777 OLD SAW MILL RIVER ROAD CITY: TARRYTOWN STATE: NY ZIP: 10591 8-K 1 PROGENICS PHARMACEUTICALS, INC. 8-K SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported) October 26, 1999 Progenics Pharmaceuticals, Inc. -------------------------------------------------------------- (Exact name of registrant as specified in its charter) Delaware 333-88931 13-3379479 (State or Other Jurisdiction (Commission (I.R.S. Employer of Incorporation) File Number) Identification No.) 777 Old Saw Mill River Road 10591 Tarrytown, New York (Zip Code) (Address of Principal Executive Offices)
Registrant's telephone number, including area code (914) 789-2800 No Change - -------------------------------------------------------------------------------- (Former name or former address, if changed since last report) Item 5. Other Events Progenics Pharmaceuticals, Inc. reported the information contained in the following press release dated October 26, 1999: PROGENICS PHARMACEUTICALS, INC. REPORTS THIRD QUARTER 1999 RESULTS TARRYTOWN, NY, OCTOBER 26, 1999 -- Progenics Pharmaceuticals, Inc. (Nasdaq: PGNX) today announced its results of operations for the third quarter and first nine months of 1999. Revenues for the third quarter ended September 30, 1999, totaled $5.7 million compared to $3.9 million for the same quarter in 1998. For the nine months ended September 30, 1999, Progenics reported revenues of $11.6 million compared to $10.6 million for the comparable period in 1998. The increases resulted from the recognition of a milestone payment under our collaboration with Bristol-Myers Squibb Company. The Company's expenses for the third quarter of 1999 were $4.2 million compared to $3.2 million for the third quarter of 1998. For the nine months ended September 30, 1999, expenses totaled $13.6 million compared to $9.3 million for the nine months ended September 30, 1998. The primary reasons for the increase were the recognition of the Company's investment in the previously announced joint venture with CYTOGEN Corporation and the initiation of a license agreement with Protein Design Labs, Inc. Other increases reflect the continued advancement of several of the Company's products in clinical trials. The Company reported net income of $1.5 million or $0.16 per share (basic) and $0.13 per share (diluted) for the third quarter of 1999, compared to net income of $588,000 or $0.06 per share (basic and diluted) for the third quarter of 1998. For the nine months ended September 30, 1999, Progenics reported a net loss of ($2.0 million) or ($0.21) per share (basic and diluted) compared to a net income of $1.2 million or $0.13 per share (basic) and $0.11 per share (diluted) in 1998. "The third quarter was one in which Progenics achieved significant milestones in the development of its lead clinical programs. We reached the targeted enrollment in our pivotal Phase III trial for our GMK melanoma vaccine, triggering a milestone payment from our partner, Bristol-Myers Squibb. We also presented encouraging Phase I/II data on our HIV antibody PRO 542 at the Interscience Conference on Antimicrobial Agents and Chemotherapy, which showed the agent to be safe and to produce significant reductions in viral load with a single dose," said Ronald J. Prentki, Progenics' President. "Further, we have continued to maintain our strong financial position, being awarded $3.0 million in new grants from the National Institutes of Health to support Progenics HIV programs." Progenics Pharmaceuticals, Inc. is a biopharmaceutical company focusing on the development and commercialization of products for the treatment and prevention of cancer and viral diseases. The Company's most advanced product, GMK, is a cancer vaccine in pivotal Phase III clinical trials for the treatment of malignant melanoma. A second cancer vaccine, MGV, with broad application to a variety of cancers, is entering Phase II trials. GMK and MGV are being developed in collaboration with Bristol-Myers Squibb Company. The Company, with CYTOGEN Corporation, has formed a joint venture focusing on the development of cancer immunotherapies based on PSMA (Prostate Specific Membrane Antigen) technology. The Company's lead HIV product, PRO 542, has completed two Phase I/II clinical trials, and a follow-on HIV product, PRO 367, is expected to commence Phase I/II in 1999. Progenics also has collaborations with F. Hoffmann-La Roche Ltd in the area of HIV fusion co-receptors, and with American Home Products and Pharmacopeia, Inc. focusing on small-molecules targeting the CD4 receptor. CONDENSED STATEMENTS OF OPERATIONS
Three Months Ended Nine Months Ended -------------------------------- ------------------------------- 9/30/99 9/30/98 9/30/99 9/30/98 ---------------- -------------- --------------- -------------- Contract research and development.................. $ 5,027,984 $ 3,070,256 $ 9,887,816 $ 8,399,473 Research grants.................................... 341,649 390,518 764,649 971,228 Product sales...................................... 500 73,759 35,315 110,205 Interest income.................................... 301,849 371,078 894,960 1,097,703 ---------------- -------------- --------------- -------------- Total revenues.................................. 5,671,982 3,905,611 11,582,740 10,578,609 ---------------- -------------- --------------- -------------- Research and development expense................... 3,112,592 2,142,964 8,433,226 6,054,405 General and adminstrative.......................... 762,308 940,007 2,738,976 2,876,990 Loss in joint venture.............................. 96,753 1,893,687 Interest expense................................... 40,953 13,493 69,458 31,785 Depreciation and amortization...................... 162,412 134,973 467,194 362,252 ---------------- -------------- --------------- -------------- Total expenses.................................. 4,175,018 3,231,437 13,602,541 9,325,432 ---------------- -------------- --------------- -------------- Operating income (loss)...................... 1,496,964 674,174 (2,019,801) 1,253,177 Income taxes 86,250 86,250 ---------------- -------------- --------------- -------------- Net income (loss).................................. $ 1,496,964 $ 587,924 $(2,019,801) $ 1,166,927 Net income (loss) per share: Basic.................................. $ 0.16 $ 0.06 $ (0.21) $ 0.13 ================ ============== =============== ============== Diluted................................ $ 0.13 $ 0.06 $ (0.21) $ 0.11 ================ ============== =============== ============== Weighted average common shares outstanding: Basic.................................. 9,429,496 9,051,024 9,425,114 9,025,803 ================ ============== =============== ============== Diluted................................ 11,175,746 10,658,127 9,425,114 10,848,282 ================ ============== =============== ==============
CONDENSED BALANCE SHEETS
September 30, 1999 December 31, 1998 ------------------ ------------------ Cash, cash equivalents and marketable securities....... $23,356,491 $24,650,139 Accounts receivable.................................... 3,633,907 1,634,480 Fixed assets, net...................................... 1,334,435 1,045,389 Other assets........................................... 689,402 569,607 ---------------- --------------- Total assets........................................... $29,014,235 $27,899,615 ================ =============== Current liabilities.................................... 2,836,261 1,703,011 Other liablilities..................................... 884,194 117,166 Stockholders' equity................................... 25,293,780 26,079,438 ---------------- --------------- Total liabilities and stockholders' equity............. $29,014,235 $27,899,615 ================ ===============
This press release may contain certain forward-looking statements that relate to future events or future business and financial performance. Such statements can only be predictions and the actual events or results may differ from those discussed. The Company cautions that these statements are subject to important factors that could cause actual results to differ materially from those expressed or implied in such forward-looking statements and are more fully discussed in periodic reports and registration statements filed with the Securities and Exchange Commission. SIGNATURES Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this Report to be signed on its behalf by the undersigned thereunto duly authorized. Progenics Pharmaceuticals, Inc. ------------------------------ Registrant By:/s/ Robert A. McKinney -------------------------------- Name: Robert A. McKinney Title: Vice President, Finance and Operations and Treasurer Dated: October 26, 1999 -----END PRIVACY-ENHANCED MESSAGE-----