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Progenics Pharmaceuticals flush ahead of big trial year

Thursday, March 9, 2017 9:01
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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.

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