Biotech Values

[vinmantoo]

Thank God PGNX finally has someone in charge who actually thinks of PGNX as a publicly held company with shareholders to consider. Maddon was clueless in this regard. I like the fact this structural change will reduce expenditures and focus the company. I also like where Baker says they will seek to license out their infectious disease assets. It was absurd to have a Hep-C program when PGNX was going it alone against the big boys.

http://finance.yahoo.com/news/Progenics-Pharmaceuticals-pz-719206529.html?x=0&.v=1

<<Mark R. Baker, Progenics' chief executive officer, said, "The actions we are announcing today are the result of an intensive strategic review process that I initiated upon becoming CEO earlier this year. Progenics will be a stronger company for taking these steps.

"We have enhanced our focus. We had been operating across too many therapeutic areas and became spread too thin. As a result, our resources and attention were divided in a way that caused inefficiencies, and blocked us from maximizing the potential of our programs. We have elected to concentrate on oncology, where we can be among the best and bring needed therapies to a growing market. We already have excellent research and clinical capabilities in oncology and expect that our expertise and commitment will allow us to attract new opportunities in that field.

"Progenics will be leaner, more nimble and more decisive. The initiatives announced today will reduce expenses. We made painful decisions as a part of this strategic evaluation. Eliminating jobs is very difficult, as much as I believe it to be necessary for the Company's success. We thank our colleagues who have been affected for their dedication, talent and hard work.">>