Progenics Pharmaceuticals Q1 Loss Narrows - Quick Facts

(RTTNews) - Progenics Pharmaceuticals Inc. (PGNX) said that its first-quarter 2014 net loss narrowed to $9.3 million or $0.15 per share, from $11.3 million or $0.22 per share in the 2013 period.

Progenics ended the quarter with cash, cash equivalents and securities of $96.2 million, an increase of $28.1 million in the quarter resulting primarily from public offering proceeds.

First quarter revenue totaled $1.8 million, down from $2.2 million in 2013, reflecting royalty income of $0.7 million compared to $1.2 million in the 2013 period, based on RELISTOR net sales (in millions) reported to Progenics by its commercialization partner Salix.

Analysts polled by Thomson Reuters expected the company to report a loss of $0.15 per share and revenues of $2.88 million for the quarter. Analysts' estimates typically exclude special items.