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Date of Report (Date of earliest event reported)
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March 15, 2006
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Progenics
Pharmaceuticals, Inc.
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(Exact
name of registrant as specified in its
charter)
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Delaware
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000-23143
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13-3379479
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(State
or other jurisdiction
of
incorporation)
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(Commission
File
Number)
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(IRS
Employer
Identification
No.)
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777
Old Saw Mill River Road, Tarrytown, New York
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10591
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(Address
of principal executive offices)
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(Zip Code)
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Registrant's
telephone number, including area code
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(914)
789-2800
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o
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Written
communications pursuant to Rule 425 under the Securities Act (17
CFR
230.425)
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o
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Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
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o
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Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17
CFR
240.14d-2(b))
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o
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Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17
CFR
240.13e-4(c)
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Exhibit
No.
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Description
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99.1
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Press
Release dated March 15, 2006
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PROGENICS
PHARMACEUTICALS, INC.
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||
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By:
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/s/
R
OBERT
A.
M
C
K
INNEY
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Robert
A. McKinney
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||
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Chief
Financial Officer & Senior Vice President, Finance and
Operations
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Contact:
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Progenics
Pharmaceuticals, Inc.
Richard
W. Krawiec, Ph.D.
Vice
President
Corporate
Affairs
(914)
789-2800
rkrawiec@progenics.com
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| o |
We
and Wyeth Pharmaceuticals entered into an exclusive, worldwide agreement
for the joint development and commercialization of MNTX for the treatment
of opioid-induced side effects, including constipation and post-operative
bowel dysfunction.
Key
provisions of the agreement include a $60 million up-front payment,
potential milestone payments of $356.5 million, reimbursement of all
future development costs, royalties on worldwide sales, and co-promotion
rights in the US.
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| o |
In
two pivotal phase 3 clinical trials of MNTX, we reported positive and
highly statistically significant results in the treatment of
opioid-induced constipation in patients with advanced
illness.
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| o |
We
also reported positive results from a phase 2 clinical trial of MNTX
in
the management of post-operative bowel
dysfunction.
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| o |
We
acquired a substantial portion of the royalty and milestone rights
for
MNTX from the licensors, thereby extinguishing our obligations with
respect to these rights.
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| o |
We
achieved positive results in a phase 1 clinical trial of PRO 140, a
humanized monoclonal antibody against CCR5 designed to block HIV infection
of healthy cells.
At
the highest concentration tested, PRO 140 significantly coated CCR5
cells
for at least 60 days, potentially protecting them from HIV infection.
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| o |
We
were awarded a $10.1 million grant from the National Institutes of
Health
for the further development of PRO 140.
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| o |
PSMA
Development Company LLC, our joint venture with Cytogen Corporation,
announced
that
its prostate-specific membrane antigen (PSMA) antibody-drug conjugate
significantly prolonged overall survival in a mouse model of human
prostate cancer.
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| o |
We
completed three public offering
s
of common stock, at successively higher prices, which provided $121.6
million, net of expenses.
|
| o |
Progenics
was selected for addition to the NASDAQ Biotechnology Index
®
based upon its market value, average daily share volume and history
as a
public company.
|
| o |
Progenics
has
grown to an all-time high of 150 employees and at the same time
strengthened its senior management team:
|
| § |
Mark
R. Baker, J.D. joined the company as Senior Vice President & General
Counsel and Secretary.
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| § |
Benedict
Osorio, M.B.A. joined as Vice President, Quality.
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| § |
Thomas
A. Boyd, Ph.D. was appointed to Senior Vice President, Product
Development; previously he was Vice President, Preclinical Development
and
Project Management.
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| § |
Richard
W. Krawiec, Ph.D. was appointed to Vice President, Corporate Affairs;
previously he was Vice President, Investor Relations and Corporate
Communications.
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| § |
Robert
A. McKinney, CPA was appointed to Senior Vice President, Finance and
Operations & Chief Financial Officer and Treasurer; previously he was
Vice President, Finance and Operations & Treasurer.
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PROGENICS
PHARMACEUTICALS, INC.
CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS
(in
thousands, except net loss per share)
|
|||||||||||||
|
Three
Months Ended
|
Year
Ended
|
||||||||||||
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12/31/2005
|
12/31/2004
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12/31/2005
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12/31/2004
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||||||||||
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Revenues:
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|||||||||||||
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Contract
research and development from JV
|
$
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207
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$
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818
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$
|
988
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$
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2,008
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|||||
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Research
grants and contracts
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1,814
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2,440
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8,432
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7,483
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|||||||||
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Product
sales
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27
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34
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66
|
85
|
|||||||||
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Total
revenues
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2,048
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3,292
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9,486
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9,576
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|||||||||
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Expenses:
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|||||||||||||
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Research
and development
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12,065
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8,843
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43,419
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35,673
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|||||||||
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License
fees - research and development
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19,255
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275
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20,418
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390
|
|||||||||
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General
and administrative
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4,179
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3,312
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13,565
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12,580
|
|||||||||
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Other
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314
|
1,322
|
3,611
|
3,700
|
|||||||||
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Total
expenses
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35,813
|
13,752
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81,013
|
52,343
|
|||||||||
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Operating
loss
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(33,765
|
)
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(10,460
|
)
|
(71,527
|
)
|
(42,767
|
)
|
|||||
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Other
income/expense
|
1,068
|
179
|
2,098
|
749
|
|||||||||
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Net
(loss)
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$
|
(32,697
|
)
|
$
|
(10,281
|
)
|
$
|
(69,429
|
)
|
$
|
(42,018
|
)
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|
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Net
(loss) per share; basic and diluted
|
$
|
(1.34
|
)
|
$
|
(0.60
|
)
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$
|
(3.33
|
)
|
$
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(2.48
|
)
|
|
|
CONDENSED
CONSOLIDATED BALANCE SHEETS
(in
thousands)
|
|||||||
|
December
31, 2005
|
December
31, 2004
|
||||||
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Cash,
cash equivalents and marketable securities
|
$
|
173,090
|
$
|
31,207
|
|||
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Accounts
receivable
|
3,287
|
1,112
|
|||||
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Fixed
assets, net
|
4,156
|
4,692
|
|||||
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Other
assets
|
3,470
|
2,534
|
|||||
|
Total
assets
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$
|
184,003
|
$
|
39,545
|
|||
|
Liabilities
|
$
|
71,271
|
$
|
7,707
|
|||
|
Stockholders’
equity
|
112,732
|
31,838
|
|||||
|
Total
liabilities and stockholders’ equity
|
$
|
184,003
|
$
|
39,545
|
|||