Progenics Pharmaceuticals Inc (PGNX) swung to a net profit for the quarter ended Sep. 30, 2016. The company has made a net profit of $36.30 million, or $ 0.52 a share in the quarter, against a net loss of $10.01 million, or $0.14 a share in the last year period.
Revenue during the quarter surged 3,757.45 percent to $53.85 million from $1.40 million in the previous year period.
Operating income for the quarter was $36.20 million, compared with an operating loss of $10.02 million in the previous year period.
“In recent months, we have realized $100 million in non-dilutive funding from RELISTOR, first with the $50M RELISTOR oral approval milestone in July, followed by the $50 million of proceeds from the non-recourse loan secured by future RELISTOR royalties announced today,” said Mark Baker, chief executive officer of Progenics. “With our strong balance sheet, we have the resources to advance our programs through key milestones. We expect to report registrational topline data, in early 2017, for our ultra-orphan radiotherapeutic candidate AZEDRA, for the treatment of pheochromocytoma and paraganglioma, rare tumors of the adrenal gland, and are beginning to build our commercial infrastructure to support a potential launch. In addition, we are continuing to advance our innovative portfolio of imaging agents and therapeutic candidates which have the potential to transform how we find, fight and follow prostate cancer.”
Working capital increases marginally
Progenics Pharmaceuticals Inc has recorded an increase in the working capital over the last year. It stood at $89.01 million as at Sep. 30, 2016, up 1.17 percent or $1.03 million from $87.98 million on Sep. 30, 2015. Current ratio was at 7.44 as on Sep. 30, 2016, down from 9.85 on Sep. 30, 2015.
Days sales outstanding went down to 5 days for the quarter compared with 96 days for the same period last year.
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