A US$50mln royalty payment for constipation treatment drug Relistor from partner Valeant boosted Progenics Pharmaceuticals Inc’s (NASDAQ:PGNX) cash holdings ahead of a year that sees a key cancer trial result.
Topline results are due this quarter for a phase III trial for Azedra, a treatment for malignant pheochromocytoma and paraganglioma. If the trial meets the primary endpoint of the Special Protocol Assessment (SPA), Progenics expects to submit a New Drug Application (NDA) by as early as the middle of the year.
Three studies and a research program meanwhile are also now underway in PSMA – targeted prostate cancer developments.
Progenics posted a loss of US$7.2mln in the final quarter of 2016, but reported net income for the year of US$10.8mln.
Cash at the end of the year rose to US$138.9mln, a US$40mln increase over the quarter and US$64.8mln on a year ago.
Shares rose 1% to US$11.09.
Story by ProactiveInvestors