Progenics Pharmaceuticals, Inc. (NASDAQ:PGNX) announced that it has entered into an exclusive worldwide licensing agreement with Johns Hopkins University for [18F]DCFPyL (“PyL”), a clinical-stage prostate specific membrane antigen (PSMA)-targeted imaging agent for prostate cancer. PyL, when used in conjunction with high-resolution PET imaging, has shown potential for use in identifying prostate cancer and sites of relapse. Financial terms of the transaction were not disclosed.
PyL was developed by a team led by Martin G. Pomper, M.D., Ph.D. at the Johns Hopkins University School of Medicine. An early stage clinical trial of PyL with PET imaging in men with prostate cancer demonstrated uptake of PyL in sites of putative metastatic disease and primary tumors not seen with currently approved imaging techniques, suggesting the potential for high sensitivity and specificity in detecting prostate cancer.
“PSMA-targeted imaging agents have the potential to change how prostate cancer is diagnosed, monitored and treated and have the potential to lead to better outcomes for patients,” said Mark Baker, CEO. “Based on studies conducted by Dr. Pomper’s team, PyL, a PET imaging agent, has demonstrated the potential to detect even minimal levels of prostate cancer which will complement our SPECT/CT imaging agent 1404, currently in development. We are excited about the opportunity to advance the development of PyL.”
PyL complements Progenics’ existing portfolio of candidates for the detection and treatment of prostate cancer, including 1404, the Company’s lead PSMA-targeted imaging agent that is used in conjunction with widely-available SPECT-CT imaging. Progenics intends to initiate a Phase 3 program for 1404 for initial diagnosis and early monitoring applications, while initially focusing the development of PyL with high resolution PET imaging to detect and localize recurrent disease in patients who have experienced a biochemical relapse. (Original Source)
Shares of Progenics closed yesterday at $8.56. PGNX has a 1-year high of $11.15 and a 1-year low of $4.26. The stock’s 50-day moving average is $7.78 and its 200-day moving average is $6.45.
On the ratings front, Progenics has been the subject of a number of recent research reports. In a report issued on July 23, Brean Murray Carret analyst Jonathan Aschoff maintained a Buy rating on PGNX, with a price target of $11, which implies an upside of 28.5% from current levels. Separately, on May 26, BTIG’s Hartaj Singh initiated coverage with a Buy rating on the stock and has a price target of $12.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Jonathan Aschoff and Hartaj Singh have a total average return of 12.8% and 18.0% respectively. Aschoff has a success rate of 55.5% and is ranked #157 out of 3724 analysts, while Singh has a success rate of 69.2% and is ranked #959.
Progenics Pharmaceuticals Inc is engaged in the development of medicines for oncology. The Company develops products for the treatment of prostate cancer, opioid-induced constipation, or OIC, as well as OIC for non-cancer pain.