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news.Progenics Pharmaceuticals has reported a net loss of $15.5 million or $0.52 per share for the first quarter of 2008, compared to a net loss of $10.4 million or $0.40 per share for the first quarter of 2007.
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Revenues for the quarter totaled $14.8 million compared to revenues of $17.6 million for the same period in 2007. Revenues primarily reflect reimbursement by the company’s collaborator, Wyeth, for development work performed by the company under its methylnaltrexone collaboration ($8.9 million in 2008 and $10.5 million in 2007), recognition of a portion of the $60 million upfront payment received from Wyeth in December 2005 ($3.2 million in 2008 and $5 million in 2007) and funding from government grants and contracts ($2.6 million in 2008 and $2.1 million in 2007).
Paul Maddon, founder, CEO and chief science officer, Progenics, said: “The approval of Relistor by the FDA in April 2008 was a transformative event for Progenics Pharmaceuticals. Relistor will soon be available as a subcutaneous injection for the treatment of opioid-induced constipation in patients with advanced illness who are receiving palliative care, when response to laxative therapy has not been sufficient.”