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Progenics Pharmaceuticals Inc (PGNX) SEC Filing 10-K Annual report for the fiscal year ending Tuesday, December 31, 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 FOURTH QUARTER AND FULL-YEAR 2019 FINANCIAL RESULTS

 

NEW YORK, March 13, 2020 -- Progenics Pharmaceuticals, Inc. (Nasdaq:PGNX) today announced financial results for the fourth quarter and full-year 2019.

 

“The recent positive top line results from the Phase 3 CONDOR trial of PyL™ highlights the potential of our radiopharmaceutical pipeline. By merging with Lantheus, we believe we can leverage Lantheus’ long-standing expertise in complex manufacturing, supply chain and commercial excellence to deliver on the promise of PyL, AZEDRA® and our complementary PSMA-targeted product portfolio,” said David Mims, Interim Chief Executive Officer of Progenics.

 

Mr. Mims continued, “The reconstituted Progenics Board’s support for the Lantheus merger is based on the culmination of our thorough evaluation of the business prospects and operations of Progenics as a stand-alone business, as well as the value of the interest of Progenics’ shareholders in the combined company under the revised terms. The Board believes the combination with Lantheus under the newly revised negotiated terms of the merger agreement represents the best pathway forward to maximize long-term stockholder value.”

 

Fourth Quarter and Full-Year 2019 Financial Results

 

Fourth quarter 2019 revenue totaled $15.1 million, up from $3.2 million in the fourth quarter of 2018. Full-year 2019 revenue totaled $35.0 million, up from $15.6 million for the full-year 2018. The increases for the full year relate primarily to a $10.0 million RELISTOR® sales milestone for the achievement of U.S. net sales over $100 million, a $4.0 million upfront payment from FUJIFILM under the aBSI agreement, a $2.0 milestone under the Bayer agreement for initiation of a Phase 1 trial of PSMA TTC, an increase of $2.1 million in RELISTOR royalties and $1.6 million of AZEDRA net sales.

 

Research and development expenses increased by $2.7 million and $14.1 million in the fourth quarter and full-year 2019, respectively, compared to the corresponding periods in 2018, resulting primarily from higher costs associated with the transition of the AZEDRA manufacturing site, initiatives to increase production capacity and provide redundancy for iodine-based products AZEDRA and 1095, and higher costs associated with the clinical trials for 1095 and PyL. Fourth quarter and full-year selling, general and administrative expenses increased by $4.5 million and $18.4 million, respectively, compared to the corresponding periods in 2018, primarily attributable to legal and advisory fees associated with the contested election at our 2019 annual meeting of shareholders and the consent solicitation campaign, legal and advisory fees associated with the merger agreement with Lantheus in 2019, and higher PSMA-617 litigation costs.

 

For the three months and full-year ended December 31, 2019, Progenics recognized interest expense of $1.0 million and $4.1 million, respectively, related to the RELISTOR royalty-backed loan, compared to $1.1 million and $4.7 million recognized in the corresponding periods in 2018.

 

Net loss attributable to Progenics for the fourth quarter was $11.3 million or $0.13 per diluted share, compared to a net loss of $14.7 million or $0.17 per diluted share in the corresponding 2018 period. Net loss for the full-year 2019 was $68.6 million or $0.80 per diluted share, compared to net loss of $67.7 million or $0.87 per diluted share for the full-year 2018.

 

Progenics ended the year with cash and cash equivalents of $42.0 million, reflecting a decrease of $22.5 million in the quarter and a decrease of $95.7 million from 2018 year-end, reflecting primarily cash used for operating expenses and for the acquisition of the Somerset manufacturing site for AZEDRA, as well as for capital expenditures to increase production capacity and provide redundancy for iodine-based products.

 

Due to the pending merger with Lantheus, Progenics will not be hosting a conference call this quarter.

 

- Financial Tables follow

 

1

The following information was filed by Progenics Pharmaceuticals Inc (PGNX) on Friday, March 13, 2020 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-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (Parentheticals)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Comprehensive Loss
Consolidated Statements Of Operations
Consolidated Statements Of Stockholders' Equity
Consolidated Statements Of Stockholders' Equity (Parentheticals)
Note 1 - Organization And Business
Note 1 - Organization And Business (Details Textual)
Note 10 - Stockholders' Equity
Note 10 - Stockholders' Equity (Details Textual)
Note 11 - Stock-Based Compensation
Note 11 - Stock-Based Compensation (Details Textual)
Note 11 - Stock-Based Compensation (Tables)
Note 11 - Stock-Based Compensation - Allocation Of Recognized Period Costs (Details)
Note 11 - Stock-Based Compensation - Assumptions Used In Computing The Fair Value Of Option Grants (Details)
Note 11 - Stock-Based Compensation - Summary Of Option Activity Under The Plans (Details)
Note 12 - Employee Savings Plan
Note 12 - Employee Savings Plan (Details Textual)
Note 13 - Income Taxes
Note 13 - Income Taxes (Details Textual)
Note 13 - Income Taxes (Tables)
Note 13 - Income Taxes - Components Of The Provision For (Benefit From) Income Taxes (Details)
Note 13 - Income Taxes - Deferred Tax Assets And Liabilities (Details)
Note 13 - Income Taxes - Reconciliation Of Income Taxes Computed (Details)
Note 13 - Income Taxes - Unrecognized Tax Benefits (Details)
Note 14 - Net (Loss) Income Per Share
Note 14 - Net (Loss) Income Per Share (Tables)
Note 14 - Net (Loss) Income Per Share - Calculations Of Net (Loss) Income Per Share, Basic And Diluted (Details)
Note 14 - Net (Loss) Income Per Share - Common Shares Excluded From Calculation Of Diluted Net (Loss) Income Per Share (Details)
Note 15 - Unaudited Quarterly Results (Unaudited)
Note 15 - Unaudited Quarterly Results (Unaudited) (Tables)
Note 15 - Unaudited Quarterly Results (Unaudited) - Summarized Quarterly Financial Data (Details)
Note 16 - Subsequent Event
Note 2 - Summary Of Significant Accounting Policies
Note 2 - Summary Of Significant Accounting Policies (Details Textual)
Note 2 - Summary Of Significant Accounting Policies (Tables)
Note 2 - Summary Of Significant Accounting Policies - Deferred Lease Liability And Incentive (Details)
Note 2 - Summary Of Significant Accounting Policies - Disaggregation Of Revenue (Details)
Note 2 - Summary Of Significant Accounting Policies - Estimated Useful Lives Of Fixed Assets (Details)
Note 3 - Somerset Acquisition, Goodwill, In-Process Research And Development And Other Intangible Assets
Note 3 - Somerset Acquisition, Goodwill, In-Process Research And Development And Other Intangible Assets (Details Textual)
Note 3 - Somerset Acquisition, Goodwill, In-Process Research And Development And Other Intangible Assets (Tables)
Note 3 - Somerset Acquisition, Goodwill, In-Process Research And Development And Other Intangible Assets - Components Of Finite-Lived Intangible Assets (Details)
Note 3 - Somerset Acquisition, Goodwill, In-Process Research And Development And Other Intangible Assets - Consideration And Assets Acquired (Details)
Note 3 - Somerset Acquisition, Goodwill, In-Process Research And Development And Other Intangible Assets - Summary Of Goodwill And Intangible Assets (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 - Fixed Assets
Note 6 - Fixed Assets (Details Textual)
Note 6 - Fixed Assets (Tables)
Note 6 - Fixed Assets - Property, Plant And Equipment (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 8 - Commitments And Contingencies (Tables)
Note 8 - Commitments And Contingencies - Future Lease Payments (Details)
Note 8 - Commitments And Contingencies - Lease Information (Details)
Note 8 - Commitments And Contingencies - Licensing, Service And Supply Agreements (Details)
Note 9 - Non-Recourse Long-Term Debt, Net
Note 9 - Non-Recourse Long-Term Debt, Net (Details Textual)
Note 9 - Non-Recourse Long-Term Debt, Net (Tables)
Note 9 - Non-Recourse Long-Term Debt, Net - Future Principal Payments On Debt (Details)
Note 9 - Non-Recourse Long-Term Debt, Net - Summary Of Royalty-Backed Loan (Details)
Significant Accounting Policies (Policies)
Ticker: PGNX
CIK: 835887
Form Type: 10-K Annual Report
Accession Number: 0001437749-20-005145
Submitted to the SEC: Fri Mar 13 2020 4:06:38 PM EST
Accepted by the SEC: Fri Mar 13 2020
Period: Tuesday, December 31, 2019
Industry: Pharmaceutical Preparations

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