Progenics Pharmaceuticals, Inc (NASDAQ:PGNX) Planning To Raise Funds


Dallas, Texas 03/26/2014 (FINANCIALSTRENDS) – Progenics Pharmaceuticals, Inc (NASDAQ:PGNX) has announced its intention to now raise funds via issuance of shares. It expects to raise the gross proceeds of around $35 million via the issuance of 7.6M shares at the price of $4.60/ share. This offer closed on 26 Feb 2014. Progenics Pharmaceuticals, Inc (NASDAQ:PGNX) had given the underwriters the option to buy an additional 1.1M shares of the company’s common stock in the next 1 month. Progenics Pharmaceuticals, Inc (NASDAQ:PGNX)’s cash & cash equivalents balance was around $77.8 million at 2013 Q3 end

Progenics Pharmaceuticals, Inc (NASDAQ:PGNX) said that it will now use these funds that have been raised from this offering for its research & development activities & other general corporate purposes. The company’s main focus area is oncology. Progenics Pharmaceuticals, Inc (NASDAQ:PGNX) is developing numerous candidates on basis of its prostate-specific membrane-antigen. Lead candidates in the company’s pipeline are its PSMA ADC (the treatment for prostate-cancer) & MIP-1404, the imaging agent & Azedra (the radiotherapy- candidate for pheochromocytoma). These candidates are now in phase 2 development.

Progenics Pharmaceuticals, Inc (NASDAQ:PGNX) is seeking to gain approval from the FDA for the additional indication for its Relistor, which is a subcutaneous injection that has been currently approved for treatment of opioid-induced-constipation in the patients with advanced illnesses who are now receiving palliative-care, when the response to the laxative therapy has been insufficient. Progenics Pharmaceuticals, Inc (NASDAQ:PGNX) is seeking to get its Relistor approved for treatment of chronic non-cancer-pain patients suffering from OIC.

Progenics Pharmaceuticals, Inc (NASDAQ:PGNX) is a bio pharmaceutical company that is focused on research & development for its biotechnology product candidates that are in the fields of oncology & virology, supportive care & gastroenterology. The company is also involved in the research to identify various multiplex phosphoinositide 3-kinase inhibitors in blocking the signaling pathways in growth of certain aggressive cancers.