Progenics Pharmaceuticals Announces Pricing of Public Offering of Common Stock

NEW YORK, Aug. 07, 2018 (GLOBE NEWSWIRE) -- Progenics Pharmaceuticals, Inc. (Nasdaq: PGNX) announced today the pricing of an underwritten public offering of 9,090,909 primary shares of its common stock at a public offering price of $8.25 per share. The gross proceeds from the sale of the primary shares, before underwriting discounts and commissions and other offering expenses, are expected to be approximately $75 million. The offering is expected to close on or about August 10, 2018, subject to customary closing conditions. Progenics also granted the underwriters a 30-day option to purchase 1,363,636 additional shares of common stock on the same terms and conditions as the shares offered in the public offering. All shares to be sold in the offering will be sold by Progenics. Progenics intends to use the net proceeds from the offering for research and development and general corporate purposes. Progenics may also use a portion of the net proceeds to acquire, license or invest in businesses, products, product candidates, technologies, intellectual property or other assets that are complementary to its own.

Jefferies and Credit Suisse are acting as joint book-running managers for the offering, Cantor Fitzgerald & Co. is acting as lead manager, and Needham & Company, BTIG and CIM Securities, LLC are acting as co-managers. 

A shelf registration statement relating to the shares of common stock described above has been filed with and declared effective by the Securities and Exchange Commission (the “SEC”). Any offer, if at all, will be made only by means of a written prospectus and prospectus supplement forming a part of the effective shelf registration statement.

A preliminary prospectus supplement relating to the offering was filed with the SEC on August 7, 2018, and a final prospectus supplement relating to the offering will be filed with the SEC. Copies of the final prospectus supplement and accompanying prospectus relating to the offering may be obtained by visiting EDGAR on the SEC’s website at www.sec.gov or by contacting Jefferies LLC, Equity Syndicate Prospectus Department, at 520 Madison Avenue, New York, New York, 10022, or by calling (877) 821-7388, or by emailing Prospectus_Department@Jefferies.com or by contacting Credit Suisse Securities (USA) LLC, Credit Suisse Prospectus Department, at One Madison Avenue, New York, New York, 10010, or by calling (800) 221-1037, or by emailing newyork.prospectus@credit-suisse.com.

This press release does not constitute an offer to sell, or the solicitation of an offer to buy, these securities, nor will there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale is not permitted.

About Progenics

Progenics develops innovative medicines and other technologies to target and treat cancer, including: (1) therapeutic agents designed to treat cancer (AZEDRA^®, 1095, and PSMA TTC); (2) prostate-specific membrane antigen (“PSMA”) targeted imaging agents for prostate cancer (1404 and PyL^TM); and (3) imaging analysis technology. Progenics has two commercial products, RELISTOR® (methylnaltrexone bromide) subcutaneous injection for the treatment of opioid-induced constipation, which is partnered with Salix Pharmaceuticals, Inc. (a wholly-owned subsidiary of Bausch Health Companies Inc. (formerly known as Valeant Pharmaceuticals International, Inc.)); and AZEDRA, for the treatment of patients with unresectable, locally advanced or metastatic pheochromocytoma or paraganglioma (rare neuroendocrine tumors of neural crest origin) who require systemic anticancer therapy.

This press release contains projections and other “forward-looking statements” regarding future events. Statements contained in this communication that refer to Progenics’ estimated or anticipated future results or other non-historical facts are forward-looking statements that reflect Progenics’ current perspective of existing trends and information as of the date of this communication. Forward-looking statements generally will be accompanied by words such as “anticipate,” “believe,” “plan,” “could,” “should,” “estimate,” “expect,” “forecast,” “outlook,” “guidance,” “intend,” “may,” “might,” “will,” “possible,” “potential,” “predict,” “project,” or other similar words, phrases or expressions. Such statements are predictions only, and are subject to risks and uncertainties that could cause actual events or results to differ materially. These risks and uncertainties include, among others, the risk that the offering may be delayed or may not occur due to customary closing conditions related to the offering not being satisfied. More information concerning Progenics and such risks and uncertainties is available on its website, and in its press releases and reports it files with the SEC, including those risk factors included in its Annual Report on Form 10-K for the annual period ended December 31, 2017 and its Quarterly Report on Form 10-Q for the fiscal quarter ended June 30, 2018. Progenics is providing the information in this press release as of its date and, except as expressly required by law, Progenics disclaims any intent or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or circumstances or otherwise.

(PGNX-F)