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Progenics Pharmaceuticals Inc (PGNX) SEC Filing 10-Q Quarterly report for the period ending Monday, September 30, 2019

Progenics Pharmaceuticals Inc

CIK: 835887 Ticker: PGNX

Exhibit 99.1

 

Progenics Pharmaceuticals, Inc.

One World Trade Center

47th Floor, Suite J

New York, New York 10007

(646) 975-2500

www.progenics.com

 

 

PROGENICS PHARMACEUTICALS ANNOUNCES BUSINESS UPDATE AND THIRD QUARTER 2019 FINANCIAL RESULTS

 

Lantheus Holdings, Inc. to Acquire Progenics to Form an Innovative Commercial Life Sciences Company with a Diversified Portfolio of Precision Diagnostics and Radiopharmaceutical Therapeutics

AZEDRA Commercial Dosing Progresses in U.S. as New Technology Add-On Payment Became Effective October 1st; Ex-U.S. Managed Access Program for Patients Has Been Initiated

Discussions with FDA Continue Regarding Life Cycle Management Trial to Support the Expanded Label for AZEDRA

Topline Data from the Phase 3 CONDOR Trial of PyLTM (18F-DCFPyL) Expected by Year End

Third Quarter 2019 Revenue of $5.6 Million, including $0.6 Million of AZEDRA sales

Progenics will not hold Q3 2019 earnings conference call due to pending transaction with Lantheus

 

NEW YORK, NY, November 7, 2019 – Progenics Pharmaceuticals, Inc. (Nasdaq:PGNX) is providing a business update and has today announced financial results for the third quarter 2019.

 

“We recently entered into a compelling transaction to combine Progenics with Lantheus. We believe this transaction will accelerate the sales of AZEDRA, optimize our clinical pipeline, generate significant cost synergies, and avoid infrastructure build to create significant long-term shareholder value,” stated Mark Baker, CEO. “By leveraging Lantheus’ experienced management team, long-standing industry relationships, proven expertise in radiopharmaceutical manufacturing and commercialization, complementary portfolio of innovative products, existing infrastructure and robust resources, we believe we will realize significant value for our shareholders. This strategic transaction offers Progenics shareholders a 35% ownership stake in the combined company with strong prospects for top line growth without requiring additional financial leverage or equity dilution. We remain focused on continuing to advance our commercial efforts for AZEDRA and supporting the continued development of our portfolio of PSMA-targeted radiopharmaceuticals, including PyL and 1095. This is a pivotal time for Progenics, and the Board and management team will continue to take the steps necessary to ensure the Company is best positioned to drive long-term value for all shareholders.”

 

Third Quarter and Recent Key Business Highlights

 

Corporate Update

 

 

Lantheus Holdings, Inc. (“Lantheus”) to Acquire Progenics to Form an Innovative Commercial Life Sciences Company with a Diversified Diagnostics and Therapeutics Portfolio

In October 2019, we announced the signing of a definitive agreement in which Lantheus will acquire Progenics in an all-stock transaction, offering a significant upside opportunity to the combined shareholders from a diversified, high growth portfolio with the potential for strong, growing profits. The combination of Lantheus and Progenics forms a leader in precision diagnostics and radiopharmaceutical therapeutics. The combined company will have significant product and cost synergies that will diversify and sustain growing revenues and will drive incremental profitability and cash flow. The combined company will be led by Lantheus Chief Executive Officer, Mary Anne Heino. Ms. Heino will be supported by Chief Financial Officer, Robert J. Marshall Jr., and Chief Operations Officer, John Bolla. Following the closing, Bradley Campbell, currently a member of Progenics’ Board of Directors, will be added as a member of the Board of Directors of Lantheus Holdings.

 

The transaction is expected to close in the first quarter of 2020, subject to approval by Lantheus and Progenics stockholders, regulatory approvals, and customary closing conditions. Additional details can be found here https://ir.progenics.com/news-releases/news-release-details/lantheus-acquire-progenics-form-leading-precision-diagnostics.

 

 

The following information was filed by Progenics Pharmaceuticals Inc (PGNX) on Thursday, November 7, 2019 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Definitive Proxy Statement (Form DEF 14A)
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Inside Progenics Pharmaceuticals Inc's 10-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Document And Entity Information
Condensed Consolidated Balance Sheets (Current Period Unaudited)
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals)
Condensed Consolidated Statements Of Cash Flows (Unaudited)
Condensed Consolidated Statements Of Comprehensive Loss (Unaudited)
Condensed Consolidated Statements Of Operations (Unaudited)
Condensed Consolidated Statements Of Stockholders' Equity (Unaudited)
Condensed Consolidated Statements Of Stockholders' Equity (Unaudited) (Parentheticals)
Note 1 - Summary Of Significant Accounting Policies
Note 1 - Summary Of Significant Accounting Policies (Details Textual)
Note 1 - Summary Of Significant Accounting Policies (Tables)
Note 1 - Summary Of Significant Accounting Policies - Disaggregation Of Revenue (Details)
Note 1 - Summary Of Significant Accounting Policies - Property And Equipment (Details)
Note 10 - Non-Recourse Long-Term Debt, Net
Note 10 - Non-Recourse Long-Term Debt, Net (Details Textual)
Note 10 - Non-Recourse Long-Term Debt, Net (Tables)
Note 10 - Non-Recourse Long-Term Debt, Net - Summary Of Royalty-Backed Loan (Details)
Note 11 - Stockholders' Equity
Note 11 - Stockholders' Equity (Details Textual)
Note 12 - Stock-Based Compensation
Note 12 - Stock-Based Compensation (Details Textual)
Note 12 - Stock-Based Compensation (Tables)
Note 12 - Stock-Based Compensation - Allocation Of Recognized Period Costs (Details)
Note 12 - Stock-Based Compensation - Assumptions Used In Computing The Fair Value Of Option Grants (Details)
Note 12 - Stock-Based Compensation - Summary Of Option Activity Under The Plans (Details)
Note 13 - Subsequent Event
Note 13 - Subsequent Event (Details Textual)
Note 2 - New Accounting Pronouncements
Note 2 - New Accounting Pronouncements (Details Textual)
Note 3 - Net Loss Per Share
Note 3 - Net Loss Per Share (Tables)
Note 3 - Net Loss Per Share - Calculations Of Net (Loss) Income Per Share, Basic And Diluted (Details)
Note 3 - Net Loss Per Share - Common Shares Excluded From Calculation Of Diluted Net (Loss) Income Per Share (Details)
Note 4 - Fair Value Measurements
Note 4 - Fair Value Measurements (Details Textual)
Note 4 - Fair Value Measurements (Tables)
Note 4 - Fair Value Measurements - Assets And Liabilities Measured At Fair Value On Recurring Basis (Details)
Note 4 - Fair Value Measurements - Contingent Consideration Liabilities (Details)
Note 4 - Fair Value Measurements - Quantitative Information For Fair Value Measurement Of Level 3 (Details)
Note 4 - Fair Value Measurements - Summary Of Activities In Financial Instruments With Level 3 Inputs (Details)
Note 5 - Accounts Receivable
Note 5 - Accounts Receivable (Tables)
Note 5 - Accounts Receivable - Summary Of Accounts Receivable (Details)
Note 6 - Recent Acquisition, Goodwill, In-Process Research And Development And Other Intangible Assets
Note 6 - Recent Acquisition, Goodwill, In-Process Research And Development And Other Intangible Assets (Details Textual)
Note 6 - Recent Acquisition, Goodwill, In-Process Research And Development And Other Intangible Assets (Tables)
Note 6 - Recent Acquisition, Goodwill, In-Process Research And Development And Other Intangible Assets - Components Of Finite-Lived Intangible Assets (Details)
Note 6 - Recent Acquisition, Goodwill, In-Process Research And Development And Other Intangible Assets - Consideration And Assets Acquired (Details)
Note 6 - Recent Acquisition, Goodwill, In-Process Research And Development And Other Intangible Assets - Summary Of Goodwill And Intangible Assets (Details)
Note 7 - Accrued Expenses
Note 7 - Accrued Expenses (Tables)
Note 7 - Accrued Expenses - Summary Of Accrued Expenses (Details)
Note 8 - Commitments And Contingencies
Note 8 - Commitments And Contingencies (Details Textual)
Note 9 - Operating Leases
Note 9 - Operating Leases (Details Textual)
Note 9 - Operating Leases (Tables)
Note 9 - Operating Leases - Future Lease Payments (Details)
Note 9 - Operating Leases - Lease Information (Details)
Significant Accounting Policies (Policies)
Ticker: PGNX
CIK: 835887
Form Type: 10-Q Quarterly Report
Accession Number: 0001437749-19-021961
Submitted to the SEC: Thu Nov 07 2019 11:10:23 AM EST
Accepted by the SEC: Thu Nov 07 2019
Period: Monday, September 30, 2019
Industry: Pharmaceutical Preparations

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