Progenics raises $35 million in follow-on
Progenics Pharmaceuticals Inc. (NASDAQ:PGNX) raised $35 million through the sale of 7.6 million shares at $4.60 in a follow-on underwritten by Jefferies; Needham; and Brean Capital. Progenics proposed the offering late Thursday, when its share price was $4.90. Progenics has three unpartnered programs in Phase II testing, including PSMA ADC for metastatic castration-resistant prostate cancer (CRPC). The company reported data for the compound last month along with Phase II data for its 99mTc-MIP-1404 as a diagnostic for prostate cancer. Progenics' subcutaneous Relistor methylnaltrexone is approved in at least 58 countries, including the U.S., to treat opioid-induced constipation (OIC) in patients receiving palliative care when response to laxative therapy has not been sufficient. Salix Pharmaceuticals Inc. (NASDAQ:SLXP) has worldwide rights to Relistor from Progenics (see BioCentury Extra, Jan. 30). ...