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Progenics Pharmaceuticals Inc (PGNX) SEC Filing 10-Q Quarterly report for the period ending Tuesday, March 31, 2020

SEC Filings

PGNX Quarterly Reports

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 FIRST QUARTER 2020 FINANCIAL RESULTS AND BUSINESS UPDATE

 

Pending Merger with Lantheus Holdings, Inc. for Combination of an Innovative Commercial Life Sciences Company with a Diversified Precision Diagnostics and Radiopharmaceutical Therapeutics Portfolio

Planned NDA Submission for PyLTM On Track for Early Third Quarter 2020

First Quarter Sales of AZEDRA® of Approximately $1.4 Million

First Quarter 2020 RELISTOR® Worldwide Net Sales Total $31.9 Million, up 15% over Q1 2019

Company Provides Update on Impact of COVID-19 Pandemic on Operations

 

NEW YORK, NY, May 7, 2020 – Progenics Pharmaceuticals, Inc. (Nasdaq:PGNX) today announced financial results for the first quarter 2020.

 

“Progenics' Board of Directors continues to believe the proposed merger with Lantheus under the revised terms is the best pathway forward to maximize shareholder value and escalate the advancement of its portfolio of radiopharmaceuticals for the detection and treatment of cancer,” said David Mims, Interim Chief Executive Officer of Progenics. “We are also encouraged by the conviction that the Velan Group has shown in the transaction and the combined company by entering into a support agreement with Lantheus. While we collaborate with the Lantheus team on integration planning in advance of a planned transaction close in the second quarter of this year, Progenics continues to advance its internal pipeline initiatives, including the AZEDRA commercial launch, which recorded increased patient usage during the quarter, regulatory filing preparations for PyL and the clinical development of our PSMA-targeted programs.”

 

Mr. Mims continued, “Progenics remains focused on executing on our corporate goals, even in these unprecedented times driven by the emergence of the global COVID-19 pandemic. Our team has proactively taken several measures to mitigate the impact of COVID-19 on our business operations, preserve clinical trial integrity and manage our capital resources. We will continue to monitor the changing COVID-19 environment and make additional adjustments as needed. Our top priority remains the safety of our key community members, including patients, healthcare providers, employees and industry partners.”

 

First Quarter and Recent Key Business Highlights

 

Corporate Update

 

Pending Merger with Lantheus Holdings, Inc. (Lantheus) for Combination of an Innovative Commercial Life Sciences Company with a Diversified Diagnostics and Therapeutics Portfolio

In February, Progenics announced its entry into an amended and restated agreement and plan of merger with Lantheus, which amends the previously announced agreement and plan of merger dated as of October 1, 2019. Under the terms of the amended agreement, Lantheus agreed to acquire all of the issued and outstanding shares of Progenics common stock at a fixed exchange ratio whereby Progenics stockholders will receive, for each share of Progenics stock held at the time of the closing of the merger, 0.31 of a share of Lantheus common stock, an increase from 0.2502 under the original agreement, together with a non-transferable contingent value right (CVR). The CVR is payable in two contingent payments, subject to a cap, upon the achievement of certain milestones subject to the terms of the Contingent Value Rights Agreement to be entered into between Lantheus and a rights agent reasonably acceptable to Progenics at or immediately prior to the effective time of the merger. As a result of the increase in the exchange ratio, following the completion of the merger, former Progenics stockholders’ aggregate ownership stake will increase to approximately 40% of the combined company from approximately 35% under the terms set forth in the Original Agreement.

 

 

The following information was filed by Progenics Pharmaceuticals Inc (PGNX) on Thursday, May 7, 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Progenics Pharmaceuticals Inc's Definitive Proxy Statement (Form DEF 14A) filed after their 2020 10-K Annual Report includes:

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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)
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 2 - New Accounting Pronouncements
Note 3 - Net Loss Per Share
Note 3 - Net Loss Per Share (Tables)
Note 3 - Net Loss Per Share - Calculations Of Net Loss Per Share, Basic And Diluted (Details)
Note 3 - Net Loss Per Share - Common Shares Excluded From Calculation Of Diluted Net Loss 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 - Goodwill, In-Process Research And Development And Other Intangible Assets
Note 6 - Goodwill, In-Process Research And Development And Other Intangible Assets (Details Textual)
Note 6 - Goodwill, In-Process Research And Development And Other Intangible Assets (Tables)
Note 6 - Goodwill, In-Process Research And Development And Other Intangible Assets - Components Of Finite-Lived Intangible Assets (Details)
Note 6 - 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)

Material Contracts, Statements, Certifications & more

Progenics Pharmaceuticals Inc provided additional information to their SEC Filing as exhibits

Ticker: PGNX
CIK: 835887
Form Type: 10-Q Quarterly Report
Accession Number: 0001437749-20-009815
Submitted to the SEC: Thu May 07 2020 4:07:05 PM EST
Accepted by the SEC: Thu May 07 2020
Period: Tuesday, March 31, 2020
Industry: Pharmaceutical Preparations

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