Progenics Pharmaceuticals, Inc.
) reported second-quarter 2013 loss of 24 cents per share,
marginally narrower than the Zacks Consensus Estimate of a loss
of 25 cents and significantly lower than the year-ago loss of 32
Quarter in Details
Quarterly revenues remained flat at $1.8 million year over
year. However, revenues were marginally lower than the Zacks
Consensus Estimate of $2 million.
Research and development (R&D) expenses increased 26.5% to
$10 million. Increased clinical trial costs and expenses incurred
due to lease termination resulted in higher R&D expenses.
However increased R&D expenses were partially offset by
reduced compensation expense.
G&A expenses decreased 15.1% to $3.4 million.
Relistor global sales came in at $7.9 million, down 27% year
over year as reported by
Salix Pharmaceuticals Ltd.
) to Progenics. Relistor is the only marketed product of
Relistor is a subcutaneous injection that is currently
approved for the treatment of opioid-induced constipation (OIC)
in patients with advanced illness who are receiving palliative
care, when response to laxative therapy has not been
Progenics has a license agreement with Salix for the
development and commercialization of Relistor worldwide except in
Japan, where Progenics has licensed the rights to the
subcutaneous formulation to Ono Pharmaceuticals Co. Ltd.
Meanwhile, in Jun 2013, Progenics and Salix announced that the
FDA's advisory panel will review Salix' supplemental new drug
application (sNDA) for Relistor for opioid-induced constipation
(OIC) in patients with chronic pain. The FDA will act within 30
days of receiving an opinion from the panel. Details regarding
the meeting should be available by next month. Salix had received
a complete response letter (CRL) from the FDA in Jul 2012 for the
Relistor sNDA. In the CRL, the FDA had asked for additional
Currently Progenics carries a Zacks Rank #2 (Buy). Companies
which look well positioned include
Gilead Sciences Inc.
) with a Zacks Rank #1 (Strong Buy).
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