Progenics Pharmaceuticals (PGNX), which zeroes in on oncology drugs, has two upcoming catalysts. The company expects to announce data from its Phase II PSMA ADC trial at the American Society of Clinical Oncology meeting in January. Progenics also has scheduled a tentative advisory panel meeting (ADCOM) with the FDA in March (10th-11th) to review an sNDA for Relistor expanded usage in OIC (opioid induced constipation) chronic pain.
In a December 6 press release the company’s executive vp, Prober Israel, said:
“PSMA ADC is the most advanced antibody drug conjugate in clinical development to treat prostate cancer. Based on the data seen with PSMA ADC in chemotherapy experienced patients, we have decided to explore whether this compound can also benefit men in the less clinically advanced chemotherapy naïve setting.”
In an October 1 press release the company also stated:
“Salix Pharmaceuticals, Ltd. and Progenics Pharmaceuticals today announced that the FDA will convene an Advisory Committee on March 10-11, 2014 at which time Salix's Supplemental New Drug Application (SNDA) for RELISTOR® (methylnaltrexone bromide) Subcutaneous Injection, for opioid-induced constipation, or OIC, in patients with chronic pain will be considered. The date and agenda for the Advisory Committee will not be definitive until publication in the Federal Register.”
Last June Progenics did a secondary offering of 8.5M shares at $4.40 a share. This raised approximately $3.48M. The underwriters also chose to purchase an additional 1.3M shares, resulting in an extra $5.2M. The company has about $75M in cash, which should be sufficient to fund operations.
The Baker Brothers also hold a position in Progenics at $4.93 a share. They have a little over 4.2M shares.
We believe Progenics is undervalued and could run to $6 before data release. The company stands to rake in billions if their biopharmaceutical products receive FDA approval.