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Progenics Pharmaceuticals, Inc. ((PGNX - Snapshot Report)) reported third-quarter 2013 loss of 17 cents per share, narrower than the Zacks Consensus Estimate of a loss of 21 cents and the year-ago loss of 33 cents.

Quarter in Detail

Quarterly revenues were $0.9 million in the reported quarter, below the revenues of $1.1 million in the year-ago quarter. Revenues were also lower than the Zacks Consensus Estimate of $2 million.

Research and development (R&D) expenses remained flat at $8.1 million year over year. G&A expenses decreased 22% to $3.1 million.

Global sales of Relistor, the sole marketed product at Progenics, came in at $4.8 million, down 2% year over year, as reported by partner Salix Pharmaceuticals Ltd. ((SLXP - Analyst Report)). Worldwide net sales of Relistor were down 39% from the second quarter of 2013.

Relistor is a subcutaneous injection that is currently approved for the treatment of opioid-induced constipation (OIC) in patients with advanced illness receiving palliative care, when response to laxative therapy is inadequate. 

Progenics has a license agreement with Salix for the development and commercialization of Relistor worldwide except in Japan, where Progenics has licensed the rights to the subcutaneous formulation to Ono Pharmaceuticals Co. Ltd. (OPHLF).

An advisory panel of the FDA is expected to meet in Mar 2014 to discuss Salix' supplemental New Drug Application (sNDA) for Relistor to treat OIC patients with chronic pain. This is in response to the complete response letter (CRL) from the FDA in Jul 2012 for the above sNDA.

An interesting candidate in Progenics pipeline is MIP-1404, a prostate-specific membrane antigen (PSMA) imaging agent. Progenics completed enrolment in a phase II study of MIP-1404 whose preliminary data is expected early next year.

Progenics carries a Zacks Rank #2 (Buy). Currently, Actelion Ltd. (ALIOF) looks well positioned with a Zacks Rank #1 (Strong Buy).

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