Progenics Pharmaceuticals, PGNX

Fourth quarter revenue totaled $8.9 million, up $6.7 million from the 2011 period, resulting primarily from the partnering transactions. For the full year, Progenics reported revenues of $14.0 million, compared to $84.8 million for 2011, a decrease primarily from 2011 recognition of the Salix collaboration.

Royalty income for the quarter was $0.8 million compared to $1.3 million in the fourth quarter of 2011, reflecting stocking activity in 2011. Royalty income for the year was $5.0 million compared to $3.0 million for 2011.

Net sales reported to Progenics by Salix (in millions):

Fourth Quarter Highlights

• Completed underwritten public offering of 12,650,000 primary common shares resulting in $23.3 million net proceeds.
• Out-licensed C. difficile preclinical program for $5.0 million upfront payment (received in January) with potential future milestones and royalties.
• Fourth quarter Relistor global net sales increased 8% from the third quarter, but decreased 40% from the prior year period due to 2011 stocking activity. Annual Relistor global net sales increased 23% over 2011.

Recent Events

• Acquired Molecular Insight Pharmaceuticals, expanding our oncology pipeline with diagnostic and small molecule therapeutic candidates targeting PSMA and prostate cancer.
• Reported positive clinical data from a study of two novel radiolabeled small molecule imaging agents — ¹²³I-MIP-1072 and ¹²³I-MIP-1095 — targeting PSMA.

Idera Pharmaceuticals (IDRA)

Financial Results

As of December 31, 2012, cash and cash equivalents totaled $10.1 million compared to $24.6 million at December 31, 2011.

Fourth Quarter Results

Net loss applicable to common stockholders for the three months ended December 31, 2012 was $6.5 million, or $0.24 per diluted share, compared to net loss applicable to common stockholders of $9.7 million, or $0.35 per diluted share, for the same period in 2011. There was no significant revenue recognized in the fourth quarter of 2012 or 2011. Research and development expenses for the three months ended December 31, 2012 totaled $3.1 million compared to $5.7 million for the same period in 2011. General and administrative expenses for the three months ended December 31, 2012, totaled $1.3 million compared to $1.5 million for the same period in 2011.

Full Year Results

Net loss applicable to common stockholders for the year ended December 31, 2012 was $22.5 million, or $0.81 per diluted share, compared to net loss applicable to common stockholders of $28.3 million, or $1.03 per diluted share, for 2011. Total revenues in each of the years ended December 31, 2012 and 2011 were $0.1 million. Research and development expenses for the year ended December 31, 2012 totaled $13.7 million compared to $18.0 million for 2011. General and administrative expenses for the year ended December 31, 2012 totaled $6.3 million compared to $7.9 million for 2011.

Source: the company, OxBridge Research Daily Stock Deals