Progenics Pharmaceuticals Inc. (PGNX)

[vinmantoo]

The first sale of Azedra triggers an $8M milestone payment to former Molecular Insight Pharma holders. This in turn compounded the strategy to "sell the news" by certain investors, before the company tapped the market again.

Good point about the $8 milestone. Very disappointing news today about 1404 but as anyone who invests in biotech knows there are no guarantees in trials and phase II results often don't repeat in larger phase III trials. While some people were whining about PGNX issuing new stock a few weeks back, it looks like a really smart move now as PGNX doubled its cash to some $160 million as insurance against 1404 missing one or both of its end points. It missed one.

The failure of 1404 lowers the ceiling but I am still bullish on PGNX. Azedra sales will be coming on line in Q3 or by Q4, Relistor sales rising and a good chance to hit the $100 million level meriting a $10 milestone and we await the PyL phase 2/3 data in Q4.