Progenics Pharmaceuticals, Inc. (NASDAQ:PGNX) Q1 2020 Earnings Conference Call - Final Transcript

May 07, 2020 • 08:30 am ET


Progenics Pharmaceuticals, Inc. (NASDAQ:PGNX) Q1 2020 Earnings Conference Call - Final Transcript


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Ladies and gentlemen, thank you for standing by and welcome to the Progenics Pharmaceuticals First Quarter 2020 Results Conference Call. [Operator Instructions] After the speakers' presentation, there will be a question-and-answer session. [Operator Instructions]

I would now like to hand the conference over to your speaker today, Ms. Melissa Downs, Head of Investor Relations. Please go ahead.

Melissa Downs

Thank you, Brandi. On behalf of the Progenics team, thank you for joining our conference call to review our First Quarter 2020 Financial Results and provide a business update. During the call today are Ann MacDougall, Interim Chair of the Board and David Mims, Interim CEO, Interim CFO and Board Member. We will also be joined by Dr. Asha Das, Chief Medical Officer; and Bryce Tenbarge, Senior Vice President of Commercial during the Q&A.

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 associated with the COVID-19 pandemic, 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 and our proposed merger with Lantheus Holdings.

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 7, 2020, only.

I will now turn the call over to our Interim Chair, Ann MacDougall, Ann?

Ann MacDougall

Thank you, Melissa and good morning to everyone joining this call. We hope everyone listening today and their families are staying safe and healthy during these unprecedented time driven by the COVID-19 pandemic. The pandemic has impacted almost all aspects of our daily lives and we want to recognize and thank the healthcare professionals and other essential service workers across the country who are working tirelessly for our collective benefit. While Progenics has seen an impact on this operations, we've still been able to move forward on our commercial clinical development and organizational goals. David will provide more color during his business update.

I wanted to begin today by discussing our proposed merger with Lantheus Holdings. The reconstituted Board of Directors and I continue to believe that the proposed merger with Lantheus under the revised February 2020 terms represents the best pathway forward to maximize long-term shareholder value. The amended merger terms with the culmination of our independent and thorough evaluation of the business prospects and operations of Progenics both as a standalone company and in combination with Lantheus.

We believe this combination allows Progenics to leverage Lantheus' longstanding expertise in complex manufacturing, supply chain, and commercial excellence to bring the potential of Progenics AZEDRA, PylL, and our complementary PSMA-targeted portfolio