Progenics Pharmaceuticals, Inc. (NASDAQ:PGNX) Q1 2018 Earnings Conference Call - Preliminary Transcript

May 09, 2018 • 08:30 am ET


Progenics Pharmaceuticals, Inc. (NASDAQ:PGNX) Q1 2018 Earnings Conference Call - Preliminary Transcript


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Good day, ladies and gentlemen, and welcome to the Progenics Pharmaceuticals First Quarter 2018 Results Conference Call. At this time, all participants are in a listen-only mode. Later, we will conduct a question-and-answer session and instructions will follow at that time.

(Operator Instructions)

I would now like to turn the call over to Melissa Downs, Senior Manager of Investor Relations. Please go ahead.

Melissa Downs

Thank you, Operator. On behalf of Progenics management team, thank you for joining our conference call to review our first quarter 2018 financial results and provide a business update. Joining the call today are Mark Baker, Chief Executive Officer, and Pat Fabbio, Senior Vice President and Chief Financial Officer.

Before we begin, I'll remind you that remarks made on this call that are not historical in nature may be forward-looking statements and are subject to a number of risks and uncertainties. Our actual results may differ materially. Such remarks may include, but are not limited to, those involving regulatory actions, clinical development, and other matters related to our prostate cancer pipeline, AZEDRA, RELISTOR, and our other product candidates, our business and commercialization strategies and expectations of future growth, revenues and assessments of our competitive position.

Please see our most recent forms 10-Q, 10-K, and other filings with the US Securities and Exchange Commission for additional information on the risks that could cause our actual results to differ. As a reminder, statements we make today are as of May 9th only.

I will now turn the call over to Chief Executive Officer, Mark Baker. Mark?

Mark R. Baker

Thank you, Melissa, and good morning to everybody joining us today. The first part of 2018 has been an industrious period for Progenics. We have continued preparing the Company's commercial organization for the potential launch of AZEDRA, while executing the clinical development strategy for our portfolio of PSMA targeted radiopharmaceuticals. We believe AZEDRA, our radiotherapeutic product candidate, has the potential to be a breakthrough treatment option for patients with malignant recurrent and or unresectable pheochromocytoma and paraganglioma, two deadly ultra-rare neuroendocrine cancers.

In people with pheo and para, tumors in and around the adrenal glands cause dangerously high blood pressure and increase the risk of heart attack and stroke. The majority of deaths in advanced pheo and para are caused by tumor progression, with a five-year survival rate as low as 12%, and cardiovascular complications leading to death in 30% of malignant cases. To date, physicians have lacked an FDA-approved treatment for pheo and para and have had to rely on a variety of imperfect treatments to manage this disease, such as external beam radiation, chemotherapy, and radionuclide therapy.

Unfortunately, the tumors often return or spread in 15% to 30% of cases and surgery is often not an option. By delivering highly targeted and specific therapy directly to the tumors, data from the trial suggests that AZEDRA shrinks and controls tumor growth. AZEDRA holds Breakthrough Therapy and Orphan Drug statuses, as well as Fast Track designation. In March we announced that the FDA extended