Progenics cuts 10% of staff

New York-based Progenics announced that it has reduced its headcount by 10 percent to 224 as part of an effort to streamline operations, become more efficient and reduce expenditures. Additionally, the company has eliminated salary increases for senior management, reduced bonuses and 401(k) benefit contributions for all employees, reduced expenditures on contractors and cut capital expenditures. But there was some good news from the company: Progenics' quarterly loss was much narrower than expected due to a rise in revenue and lower R&D expenses.

"In this challenging economic environment, we plan to supplement the development of key programs using outside funding wherever attractive," said Progenics founder, CSO and CEO Paul Maddon. "For example, with respect to our PRO 140 compound for the treatment of HIV infection, while we continue to fund the program on our own, we are in discussions with government agencies and others to obtain pivotal clinical trial funding and support." Maddon also said that the company is looking for a partner for PSMA ADC, a prostate cancer treatment. "...We are pursuing strategic collaborations with biopharmaceutical companies possessing the resources and capabilities to accelerate and broaden the development plan for that compound to include additional oncology indications."

- see Progenics' release

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