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.

Subscribe to get your free report!

* indicates required
*Past performance is not a predictor of future results. All investing involves risk of loss and individual investments may vary. The examples provided may not be representative of typical results. Your capital is at risk when you invest – you can lose some or all of your money. Never risk more than you can afford to lose.By submitting your information you agree to the terms of our Privacy Policy • Cancel Newsletter Any Time.This is a FREE service from Finacials Trend. Signing up for our FREE daily e-letter also entitles you to receive this report. We will NOT share your email address with anyone.