Progenics Q4 net loss narrows to $14.6m

Progenics Pharmaceuticals, a biopharmaceutical company, has reported a net loss of $14.6m, or $0.49 per share, for the fourth quarter of 2008, compared to a net loss of $15.3m, or $0.53 per share, for the same period of 2007.

For the year ended December 31, 2008, net loss was $44.7m, or $1.51 per share, compared to a net loss of $43.7m, or $1.60 per share, for the same period of 2007.

Revenues for the fourth quarter totaled $6.8m, compared to $15.5m for the same period of 2007. For the year 2008, the company reported revenues of $67.67m, compared to $75.65m for the year 2007.

Paul Maddon, founder, CEO and chief science officer of Progenics, said: Progenics had a pivotal year in 2008 – most significantly with the approval of Relistor, our first commercial product, by the FDA. Relistor is now approved in over 30 countries including the US, Canada, Australia and all member states of the EU, and we are receiving royalties on worldwide sales.

In these challenging economic times, we will continue controlling expenses while carefully deploying existing cash, government funding and royalty proceeds for product development. We are guided by a conservative fiscal strategy in seeking non-dilutive sources of funding, including alliances to help us support our development programs.